IFP Advisors Inc grew its stake in shares of Fastenal (NASDAQ:FAST) by 147.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,929 shares of the company’s stock after acquiring an additional 8,890 shares during the quarter. IFP Advisors Inc’s holdings in Fastenal were worth $866,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of FAST. Millennium Management LLC increased its stake in Fastenal by 162.6% during the first quarter. Millennium Management LLC now owns 87,851 shares of the company’s stock valued at $4,796,000 after acquiring an additional 54,395 shares during the period. First Financial Bank Trust Division bought a new position in Fastenal during the second quarter valued at about $3,133,000. DnB Asset Management AS bought a new position in Fastenal during the second quarter valued at about $2,203,000. Bright Rock Capital Management LLC bought a new position in Fastenal during the second quarter valued at about $1,559,000. Finally, Clinton Group Inc. bought a new position in Fastenal during the second quarter valued at about $1,421,000. Hedge funds and other institutional investors own 86.37% of the company’s stock.
NASDAQ FAST opened at $51.81 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35. The company has a market cap of $14.73 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 1.42 and a beta of 0.92. Fastenal has a 1-year low of $46.63 and a 1-year high of $61.14.
Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.27 billion. Fastenal had a return on equity of 32.29% and a net margin of 15.25%. The company’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. On average, sell-side analysts predict that Fastenal will post 2.58 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Tuesday, October 23rd. Fastenal’s payout ratio is 82.90%.
Several equities analysts recently issued reports on FAST shares. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a research note on Wednesday, October 3rd. BidaskClub upgraded Fastenal from a “hold” rating to a “buy” rating in a research note on Tuesday, August 21st. Buckingham Research started coverage on Fastenal in a research note on Monday, October 22nd. They set a “neutral” rating and a $50.00 price target on the stock. Wells Fargo & Co set a $50.00 price target on Fastenal and gave the company a “hold” rating in a research note on Thursday, October 11th. Finally, Stifel Nicolaus boosted their price target on Fastenal from $53.00 to $56.00 and gave the company a “hold” rating in a research note on Friday, July 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $56.40.
In related news, insider Terry Modock Owen acquired 1,500 shares of the firm’s stock in a transaction on Friday, October 12th. The shares were bought at an average cost of $52.07 per share, with a total value of $78,105.00. Following the completion of the acquisition, the insider now owns 3,500 shares of the company’s stock, valued at $182,245. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel L. Florness acquired 2,000 shares of the firm’s stock in a transaction on Friday, October 12th. The shares were bought at an average cost of $51.95 per share, for a total transaction of $103,900.00. Following the completion of the acquisition, the chief executive officer now directly owns 99,845 shares of the company’s stock, valued at approximately $5,186,947.75. The disclosure for this purchase can be found here. Insiders have acquired 5,795 shares of company stock worth $299,849 over the last ninety days. Company insiders own 0.56% of the company’s stock.
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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.
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