Bank of America Corp DE reduced its holdings in shares of Fastenal (NASDAQ:FAST – Get Rating) by 5.7% in the 1st quarter, HoldingsChannel reports. The fund owned 8,054,543 shares of the company’s stock after selling 485,109 shares during the quarter. Bank of America Corp DE’s holdings in Fastenal were worth $478,440,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new stake in shares of Fastenal in the 4th quarter valued at about $328,554,000. Select Equity Group L.P. boosted its position in shares of Fastenal by 334.5% in the 4th quarter. Select Equity Group L.P. now owns 6,465,002 shares of the company’s stock valued at $414,148,000 after purchasing an additional 4,977,181 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Fastenal by 379.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,810,478 shares of the company’s stock valued at $166,942,000 after purchasing an additional 2,224,102 shares during the period. BlackRock Inc. boosted its position in shares of Fastenal by 3.9% in the 1st quarter. BlackRock Inc. now owns 46,254,527 shares of the company’s stock valued at $2,747,517,000 after purchasing an additional 1,746,661 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Fastenal by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 68,565,691 shares of the company’s stock valued at $4,072,802,000 after purchasing an additional 1,622,762 shares during the period. 78.18% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Fastenal
In other Fastenal news, VP Charles S. Miller sold 23,136 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $55.90, for a total transaction of $1,293,302.40. Following the sale, the vice president now owns 7,500 shares in the company, valued at approximately $419,250. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Sheryl Ann Lisowski bought 1,058 shares of the stock in a transaction on Thursday, July 14th. The shares were purchased at an average price of $46.63 per share, for a total transaction of $49,334.54. Following the acquisition, the chief accounting officer now owns 5,096 shares in the company, valued at $237,626.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Charles S. Miller sold 23,136 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $55.90, for a total value of $1,293,302.40. Following the sale, the vice president now owns 7,500 shares in the company, valued at approximately $419,250. The disclosure for this sale can be found here. Insiders bought 6,058 shares of company stock valued at $289,435 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.
Fastenal Stock Performance
Fastenal (NASDAQ:FAST – Get Rating) last released its quarterly earnings data on Wednesday, July 13th. 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 33.47% and a net margin of 15.70%. The firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the business posted $0.42 EPS. Fastenal’s quarterly revenue was up 18.0% on a year-over-year basis. On average, equities analysts forecast that Fastenal will post 1.86 EPS for the current year.
Fastenal announced that its board has initiated a stock repurchase program on Tuesday, July 12th that allows the company to buyback 8,000,000 outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Fastenal Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Investors of record on Wednesday, July 27th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.62%. The ex-dividend date was Tuesday, July 26th. Fastenal’s payout ratio is currently 69.27%.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on FAST. Argus decreased their target price on Fastenal from $66.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, July 15th. Morgan Stanley reduced their price objective on Fastenal from $48.00 to $42.00 and set an “underweight” rating for the company in a research note on Thursday, July 14th. StockNews.com downgraded Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, September 13th. Robert W. Baird downgraded Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 price objective for the company. in a research note on Thursday, July 14th. Finally, UBS Group reduced their price objective on Fastenal from $62.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, July 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $52.00.
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.
- Get a free copy of the StockNews.com research report on Fastenal (FAST)
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