Scotia Capital Inc. increased its position in Fastenal Company (NASDAQ:FAST) by 27.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,481 shares of the company’s stock after purchasing an additional 7,132 shares during the period. Scotia Capital Inc.’s holdings in Fastenal were worth $1,457,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Nomura Holdings Inc. bought a new position in Fastenal during the 2nd quarter valued at about $1,700,000. DF Dent & Co. Inc. lifted its stake in Fastenal by 12.5% during the 2nd quarter. DF Dent & Co. Inc. now owns 1,449,371 shares of the company’s stock valued at $63,091,000 after acquiring an additional 161,233 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in Fastenal by 12.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 95,756 shares of the company’s stock valued at $4,168,000 after acquiring an additional 10,713 shares during the period. Roberts Glore & Co. Inc. IL lifted its stake in Fastenal by 1.6% during the 2nd quarter. Roberts Glore & Co. Inc. IL now owns 5,041 shares of the company’s stock valued at $219,000 after acquiring an additional 80 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Fastenal by 60.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,076,097 shares of the company’s stock valued at $90,372,000 after acquiring an additional 781,071 shares during the period. Institutional investors own 83.02% of the company’s stock.
In other news, Director Stephen L. Eastman bought 800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was purchased at an average price of $40.58 per share, with a total value of $32,464.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael John Dolan sold 8,000 shares of Fastenal stock in a transaction dated Tuesday, August 15th. The stock was 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. Insiders have purchased 3,400 shares of company stock valued at $142,960 in the last ninety days. Corporate insiders own 0.55% of the company’s stock.
Several research firms have issued reports on FAST. BidaskClub cut shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Morgan Stanley restated an “equal weight” rating and set a $46.00 target price (up previously from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. Stephens set a $54.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Wednesday. KeyCorp restated a “buy” rating and set a $52.00 target price on shares of Fastenal in a research note on Thursday. Finally, BMO Capital Markets restated a “market perform” rating and set a $51.00 target price (up previously from $46.00) on shares of Fastenal in a research note on Tuesday. 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. The company currently has an average rating of “Buy” and an average target price of $50.80.
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Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue was up 11.8% compared to the same quarter last year.
Fastenal announced that its board has approved a share buyback program on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is 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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