Fred Alger Management Inc. reduced its position in Fastenal Company (NASDAQ:FAST) by 76.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,279 shares of the company’s stock after selling 110,472 shares during the quarter. Fred Alger Management Inc.’s holdings in Fastenal were worth $1,449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Fastenal by 3.1% during the second quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock worth $1,374,380,000 after acquiring an additional 943,262 shares during the last quarter. BlackRock Inc. raised its stake in Fastenal by 1.9% during the second quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock valued at $774,680,000 after purchasing an additional 336,893 shares in the last quarter. State Street Corp raised its stake in Fastenal by 0.6% during the first quarter. State Street Corp now owns 12,071,409 shares of the company’s stock valued at $621,683,000 after purchasing an additional 77,914 shares in the last quarter. Waddell & Reed Financial Inc. raised its stake in Fastenal by 2.6% during the first quarter. Waddell & Reed Financial Inc. now owns 4,126,373 shares of the company’s stock valued at $212,509,000 after purchasing an additional 104,132 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Fastenal by 3.2% during the first quarter. Bank of America Corp DE now owns 3,870,109 shares of the company’s stock valued at $199,311,000 after purchasing an additional 120,996 shares in the last quarter. Institutional investors and hedge funds own 83.01% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and set a $53.00 target price on the stock in a research note on Wednesday, July 12th. BidaskClub cut shares of Fastenal from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Credit Suisse Group restated a “buy” rating and issued a $52.00 price target on shares of Fastenal in a report on Thursday, July 13th. BMO Capital Markets increased their target price on shares of Fastenal from $49.00 to $51.00 and gave the stock a “no rating at time” rating in a report on Friday, July 14th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $43.00 target price (down from $46.00) on shares of Fastenal in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Fastenal has a consensus rating of “Buy” and an average target price of $50.80.
In related news, insider William Joseph Drazkowski purchased 1,000 shares of the business’s stock in a transaction dated Friday, July 21st. The shares were bought at an average price of $42.36 per share, with a total value of $42,360.00. Following the purchase, the insider now directly owns 1,960 shares in the company, valued at approximately $83,025.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 2,400 shares of company stock worth $100,450. 0.55% of the stock is owned by corporate insiders.
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Shares of Fastenal Company (NASDAQ FAST) traded up 1.31% during mid-day trading on Wednesday, reaching $48.57. The company’s stock had a trading volume of 773,664 shares. The firm’s 50 day moving average is $44.17 and its 200-day moving average is $44.23. The company has a market capitalization of $13.96 billion, a PE ratio of 25.90 and a beta of 1.00. Fastenal Company has a 52-week low of $37.88 and a 52-week high of $52.74.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company posted $0.44 EPS. The company’s revenue was up 11.8% compared to the same quarter last year. Analysts forecast that Fastenal Company will post $1.93 EPS for the current year.
Fastenal declared that its board has approved a share repurchase program on Tuesday, July 11th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.67%. Fastenal’s dividend payout ratio (DPR) is presently 68.09%.
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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