Raymond James Financial Services Advisors Inc. Has $4.17 Million Holdings in Fastenal Company (FAST)
Raymond James Financial Services Advisors Inc. grew its holdings in shares of Fastenal Company (NASDAQ:FAST) by 12.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,756 shares of the company’s stock after buying an additional 10,713 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fastenal were worth $4,168,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Commonwealth Bank of Australia raised its holdings in shares of Fastenal by 44.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,429 shares of the company’s stock valued at $104,000 after purchasing an additional 753 shares during the period. FNY Managed Accounts LLC bought a new stake in shares of Fastenal in the 1st quarter valued at about $133,000. Parkside Financial Bank & Trust raised its holdings in shares of Fastenal by 3.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,025 shares of the company’s stock valued at $132,000 after purchasing an additional 88 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Fastenal by 417.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,277 shares of the company’s stock valued at $169,000 after purchasing an additional 2,644 shares during the period. Finally, CENTRAL TRUST Co raised its holdings in shares of Fastenal by 13.4% in the 2nd quarter. CENTRAL TRUST Co now owns 3,665 shares of the company’s stock valued at $159,000 after purchasing an additional 433 shares during the period. 83.02% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fastenal Company (NASDAQ FAST) traded up 1.39% on Friday, hitting $46.58. 2,837,286 shares of the company’s stock were exchanged. Fastenal Company has a 12 month low of $37.88 and a 12 month high of $52.74. The firm has a market cap of $13.39 billion, a P/E ratio of 24.84 and a beta of 1.00. The stock’s 50 day moving average is $44.10 and its 200 day moving average is $44.32.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post $1.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is presently 68.09%.
Fastenal announced that its board has authorized a share buyback program on Tuesday, July 11th that permits the company to buyback 5,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other news, insider William Joseph Drazkowski bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The shares were acquired at an average price of $42.36 per share, with a total value of $42,360.00. Following the acquisition, the insider now owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen L. Eastman bought 800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average cost of $40.58 per share, for a total transaction of $32,464.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 3,400 shares of company stock worth $142,960 in the last ninety days. 0.55% of the stock is currently owned by insiders.
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A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 target price (up from $46.00) on shares of Fastenal in a report on Tuesday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 target price (up from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Stephens set a $54.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Wednesday. KeyCorp reaffirmed a “buy” rating and issued a $52.00 target price on shares of Fastenal in a report on Thursday. Finally, BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $50.80.
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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