CIBC Asset Management Inc Boosts Stake in Fastenal Company (FAST)
CIBC Asset Management Inc boosted its stake in Fastenal Company (NASDAQ:FAST) by 3.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,232 shares of the company’s stock after buying an additional 1,153 shares during the period. CIBC Asset Management Inc’s holdings in Fastenal were worth $1,577,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FAST. Stonebridge Capital Management Inc. boosted its position in shares of Fastenal by 1.4% in the second quarter. Stonebridge Capital Management Inc. now owns 40,045 shares of the company’s stock valued at $1,743,000 after buying an additional 550 shares during the period. Kornitzer Capital Management Inc. KS raised its position in Fastenal by 1.1% in the second quarter. Kornitzer Capital Management Inc. KS now owns 74,141 shares of the company’s stock valued at $3,227,000 after buying an additional 800 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Fastenal by 68.0% in the second quarter. Great West Life Assurance Co. Can now owns 347,318 shares of the company’s stock valued at $15,097,000 after buying an additional 140,524 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Fastenal by 3.0% in the second quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after buying an additional 88 shares in the last quarter. Finally, Sequent Asset Management LLC raised its position in Fastenal by 3.4% in the second quarter. Sequent Asset Management LLC now owns 23,782 shares of the company’s stock valued at $1,035,000 after buying an additional 775 shares in the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.
Shares of Fastenal Company (NASDAQ FAST) opened at 43.10 on Thursday. The stock has a 50 day moving average price of $43.15 and a 200-day moving average price of $46.62. The firm has a market capitalization of $12.41 billion, a price-to-earnings ratio of 23.72 and a beta of 0.98. Fastenal Company has a 52 week low of $37.70 and a 52 week high of $52.74.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the firm posted $0.46 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. On average, equities research analysts forecast that Fastenal Company will post $1.92 earnings per share for the current year.
Fastenal announced that its board has approved a stock repurchase program on Tuesday, July 11th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, July 26th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Monday, July 24th. This represents a $1.28 annualized dividend and a yield of 2.97%. Fastenal’s dividend payout ratio is currently 70.33%.
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Several research firms have issued reports on FAST. Credit Suisse Group reiterated a “hold” rating and set a $49.00 price objective on shares of Fastenal in a research note on Thursday, April 13th. BMO Capital Markets reiterated a “hold” rating and set a $50.00 price objective on shares of Fastenal in a research note on Wednesday, April 12th. Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, April 18th. Argus upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research note on Tuesday, April 18th. Finally, Raymond James Financial, Inc. upgraded Fastenal from a “market perform” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $50.14.
In other Fastenal news, insider William Joseph Drazkowski bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was acquired at an average price of $42.36 per share, with a total value of $42,360.00. Following the completion of the purchase, the insider now directly owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel L. Johnson bought 600 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were acquired at an average cost of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. Insiders have purchased 3,600 shares of company stock valued at $154,256 in the last ninety days. 0.55% of the stock is currently owned by insiders.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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