Fastenal (NASDAQ:FAST) Shares Acquired by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd grew its stake in shares of Fastenal (NASDAQ:FASTGet Rating) by 16.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,654 shares of the company’s stock after acquiring an additional 235 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Fastenal were worth $99,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parthenon LLC raised its holdings in shares of Fastenal by 0.5% in the first quarter. Parthenon LLC now owns 286,672 shares of the company’s stock worth $17,028,000 after buying an additional 1,475 shares during the last quarter. Checchi Capital Advisers LLC increased its position in shares of Fastenal by 7.2% in the 1st quarter. Checchi Capital Advisers LLC now owns 4,893 shares of the company’s stock valued at $291,000 after acquiring an additional 328 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Fastenal by 10.6% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 337,480 shares of the company’s stock worth $20,046,000 after acquiring an additional 32,367 shares during the last quarter. Stiles Financial Services Inc lifted its position in Fastenal by 2.5% during the 1st quarter. Stiles Financial Services Inc now owns 30,271 shares of the company’s stock worth $1,798,000 after acquiring an additional 725 shares during the period. Finally, Los Angeles Capital Management LLC grew its stake in Fastenal by 22.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 292,952 shares of the company’s stock valued at $17,401,000 after purchasing an additional 54,336 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Up 1.3 %

Shares of Fastenal stock opened at $52.95 on Friday. Fastenal has a fifty-two week low of $45.68 and a fifty-two week high of $64.75. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.75 and a current ratio of 3.71. The company has a market cap of $30.43 billion, a P/E ratio of 29.58, a price-to-earnings-growth ratio of 3.10 and a beta of 1.22. The firm has a 50-day simple moving average of $50.54 and a two-hundred day simple moving average of $53.46.

Fastenal (NASDAQ:FASTGet Rating) last released its quarterly earnings results on Wednesday, July 13th. The company reported $0.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.50. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the firm posted $0.42 EPS. Fastenal’s quarterly revenue was up 18.0% compared to the same quarter last year. As a group, equities analysts predict that Fastenal will post 1.88 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Wednesday, July 27th will be paid a $0.31 dividend. The ex-dividend date is Tuesday, July 26th. This represents a $1.24 dividend on an annualized basis and a yield of 2.34%. Fastenal’s dividend payout ratio is currently 69.27%.

Fastenal announced that its Board of Directors has approved a share buyback plan on Tuesday, July 12th that allows the company to repurchase 8,000,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FAST shares. Argus decreased their target price on Fastenal from $66.00 to $55.00 and set a “buy” rating for the company in a report on Friday, July 15th. StockNews.com downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Robert W. Baird cut shares of Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 target price for the company. in a report on Thursday, July 14th. UBS Group lowered their price target on shares of Fastenal from $62.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, July 14th. Finally, 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $53.86.

Insider Buying and Selling

In related news, EVP James C. Jansen acquired 1,000 shares of the firm’s stock in a transaction on Wednesday, June 15th. The shares were acquired at an average cost of $48.92 per share, with a total value of $48,920.00. Following the completion of the acquisition, the executive vice president now directly owns 26,176 shares in the company, valued at approximately $1,280,529.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP James C. Jansen purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The shares were purchased at an average cost of $48.92 per share, with a total value of $48,920.00. Following the purchase, the executive vice president now owns 26,176 shares of the company’s stock, valued at approximately $1,280,529.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sheryl Ann Lisowski acquired 1,058 shares of the business’s stock in a transaction on Thursday, July 14th. The shares were purchased at an average price of $46.63 per share, with a total value of $49,334.54. Following the completion of the purchase, the chief accounting officer now owns 5,096 shares in the company, valued at approximately $237,626.48. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 3,736 shares of company stock valued at $182,599. 0.40% of the stock is owned by corporate insiders.

Fastenal Profile

(Get Rating)

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.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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