CI Investments Inc. Increases Stock Position in Fastenal (NASDAQ:FAST)

CI Investments Inc. grew its stake in shares of Fastenal (NASDAQ:FAST) by 39.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,421 shares of the company’s stock after acquiring an additional 4,606 shares during the quarter. CI Investments Inc.’s holdings in Fastenal were worth $740,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. AlphaStar Capital Management LLC lifted its holdings in Fastenal by 3.6% during the second quarter. AlphaStar Capital Management LLC now owns 11,885 shares of the company’s stock valued at $523,000 after purchasing an additional 414 shares in the last quarter. Norway Savings Bank purchased a new position in Fastenal during the third quarter worth $36,000. FMR LLC boosted its stake in Fastenal by 72.5% during the second quarter. FMR LLC now owns 1,627,880 shares of the company’s stock worth $69,738,000 after buying an additional 684,114 shares during the period. Algert Global LLC boosted its stake in Fastenal by 76.7% during the second quarter. Algert Global LLC now owns 47,824 shares of the company’s stock worth $2,049,000 after buying an additional 20,758 shares during the period. Finally, Teza Capital Management LLC purchased a new stake in shares of Fastenal during the second quarter valued at $254,000. 77.18% of the stock is currently owned by institutional investors.

In related news, Director Hsenghung Sam Hsu bought 2,000 shares of the business’s stock in a transaction on Monday, October 19th. The stock was acquired at an average cost of $44.75 per share, with a total value of $89,500.00. Following the purchase, the director now directly owns 1,000 shares of the company’s stock, valued at $44,750. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Terry Modock Owen sold 1,250 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $49.53, for a total value of $61,912.50. The disclosure for this sale can be found here. Over the last three months, insiders purchased 4,100 shares of company stock valued at $183,522. 0.57% of the stock is owned by corporate insiders.

A number of analysts recently weighed in on the stock. Wells Fargo & Company lowered shares of Fastenal from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective for the company. in a research note on Thursday, September 3rd. They noted that the move was a valuation call. ValuEngine downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a report on Thursday, October 1st. Raymond James downgraded shares of Fastenal from a “market perform” rating to an “underperform” rating in a report on Friday, September 4th. BidaskClub downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a report on Thursday, September 10th. Finally, UBS Group assumed coverage on shares of Fastenal in a report on Tuesday, September 15th. They issued a “neutral” rating and a $44.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. Fastenal has a consensus rating of “Hold” and an average price target of $44.36.

NASDAQ FAST opened at $47.30 on Friday. The business has a fifty day moving average price of $45.63 and a 200 day moving average price of $44.24. Fastenal has a one year low of $26.72 and a one year high of $49.86. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 4.39. The company has a market cap of $27.15 billion, a P/E ratio of 32.40, a P/E/G ratio of 3.52 and a beta of 1.21.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Sunday, October 18th. The company reported $0.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.01. Fastenal had a return on equity of 30.63% and a net margin of 15.12%. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the company earned $0.37 EPS. The firm’s revenue was up 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that Fastenal will post 1.47 EPS for the current fiscal year.

The company also recently disclosed a special dividend, which will be paid on Tuesday, December 22nd. Investors of record on Wednesday, December 2nd will be paid a $0.40 dividend. Fastenal’s dividend payout ratio is currently 72.46%.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Further Reading: What are momentum indicators and what do they show?

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with's FREE daily email newsletter.