Laffer Investments Sells 2,420 Shares of Fastenal (FAST)
Laffer Investments lessened its holdings in shares of Fastenal (NASDAQ:FAST) by 6.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,125 shares of the company’s stock after selling 2,420 shares during the period. Laffer Investments’ holdings in Fastenal were worth $1,510,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of FAST. Janus Henderson Group PLC lifted its holdings in shares of Fastenal by 357.0% during the second quarter. Janus Henderson Group PLC now owns 1,822,655 shares of the company’s stock worth $79,340,000 after purchasing an additional 1,423,856 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Fastenal during the third quarter worth $64,702,000. Bank of New York Mellon Corp lifted its holdings in shares of Fastenal by 8.7% during the third quarter. Bank of New York Mellon Corp now owns 16,219,944 shares of the company’s stock worth $739,306,000 after purchasing an additional 1,297,185 shares during the period. Old Mutual Global Investors UK Ltd. lifted its holdings in shares of Fastenal by 580.8% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 1,496,666 shares of the company’s stock worth $68,218,000 after purchasing an additional 1,276,832 shares during the period. Finally, Neuberger Berman Group LLC acquired a new position in shares of Fastenal during the third quarter worth $56,907,000. Institutional investors own 84.67% of the company’s stock.
In other Fastenal news, insider Leland J. Hein sold 10,000 shares of Fastenal stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.74, for a total value of $487,400.00. Following the completion of the sale, the insider now directly owns 20,258 shares of the company’s stock, valued at $987,374.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Terry Modock Owen sold 30,000 shares of Fastenal stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $48.02, for a total transaction of $1,440,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,112 shares of company stock valued at $3,879,832. Insiders own 0.55% of the company’s stock.
Fastenal (FAST) opened at $52.54 on Friday. The stock has a market cap of $15,160.00, a price-to-earnings ratio of 28.17, a P/E/G ratio of 1.96 and a beta of 1.08. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. Fastenal has a fifty-two week low of $39.79 and a fifty-two week high of $55.35.
Fastenal (NASDAQ:FAST) last released its 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. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. Fastenal’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.44 earnings per share. equities analysts expect that Fastenal will post 1.93 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is currently 68.09%.
A number of equities analysts have recently commented on FAST shares. KeyCorp reiterated a “buy” rating and set a $52.00 price target on shares of Fastenal in a report on Thursday, October 12th. BMO Capital Markets reiterated a “market perform” rating and set a $51.00 price target (up previously from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Stephens set a $54.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Wednesday, October 11th. Stifel Nicolaus reiterated a “hold” rating and set a $46.00 price target on shares of Fastenal in a report on Tuesday, August 22nd. Finally, Morgan Stanley restated an “equal weight” rating and issued a $46.00 target price (up previously from $44.00) on shares of Fastenal in a report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Fastenal currently has an average rating of “Buy” and a consensus target price of $51.13.
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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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