Mirae Asset Global Investments Co. Ltd. increased its position in Fastenal (NASDAQ:FAST) by 368.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 99,949 shares of the company’s stock after acquiring an additional 78,613 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Fastenal were worth $5,800,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Fastenal by 1.4% in the 2nd quarter. BlackRock Inc. now owns 19,318,036 shares of the company’s stock worth $929,778,000 after acquiring an additional 268,614 shares during the period. Bank of New York Mellon Corp raised its holdings in Fastenal by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 14,725,234 shares of the company’s stock worth $854,358,000 after acquiring an additional 158,261 shares during the period. OppenheimerFunds Inc. raised its holdings in Fastenal by 5.2% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,666,164 shares of the company’s stock worth $272,713,000 after acquiring an additional 282,020 shares during the period. Northern Trust Corp raised its holdings in Fastenal by 3.3% in the 2nd quarter. Northern Trust Corp now owns 3,437,593 shares of the company’s stock worth $165,451,000 after acquiring an additional 108,486 shares during the period. Finally, Cantillon Capital Management LLC bought a new position in Fastenal in the 2nd quarter worth $154,074,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.
In related news, CEO Daniel L. Florness bought 2,000 shares of the company’s stock in a transaction on Friday, October 12th. The stock was bought at an average cost of $51.95 per share, with a total value of $103,900.00. Following the completion of the purchase, the chief executive officer now owns 99,845 shares in the company, valued at approximately $5,186,947.75. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider William Joseph Drazkowski bought 830 shares of the company’s stock in a transaction on Tuesday, October 23rd. The stock was bought at an average cost of $50.54 per share, with a total value of $41,948.20. Following the completion of the purchase, the insider now owns 2,790 shares of the company’s stock, valued at approximately $141,006.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 5,795 shares of company stock valued at $299,849. Insiders own 0.56% of the company’s stock.
Several research analysts recently commented on the stock. BidaskClub upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a report on Tuesday, August 21st. Longbow Research upgraded shares of Fastenal from a “neutral” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Tuesday. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, September 11th. Finally, ValuEngine lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $57.00.
Shares of NASDAQ FAST opened at $57.27 on Thursday. Fastenal has a 1-year low of $47.37 and a 1-year high of $61.14. The stock has a market capitalization of $16.44 billion, a price-to-earnings ratio of 29.67, a P/E/G ratio of 1.58 and a beta of 1.08. The company has a quick ratio of 2.48, a current ratio of 5.35 and a debt-to-equity ratio of 0.17.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.02. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The company’s revenue was up 13.0% on a year-over-year basis. On average, equities research analysts anticipate that Fastenal will post 2.59 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Tuesday, October 23rd. Fastenal’s dividend payout ratio is presently 82.90%.
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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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