Cibc World Market Inc. Has $14.26 Million Holdings in Fastenal Company $FAST

Cibc World Market Inc. grew its stake in Fastenal Company (NASDAQ:FAST) by 99.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 290,834 shares of the company’s stock after purchasing an additional 145,340 shares during the quarter. Cibc World Market Inc.’s holdings in Fastenal were worth $14,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC raised its position in shares of Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the period. Sowell Financial Services LLC lifted its position in Fastenal by 4.7% in the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock valued at $260,000 after acquiring an additional 238 shares in the last quarter. Rowlandmiller & PARTNERS.ADV boosted its position in shares of Fastenal by 1.7% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock worth $721,000 after buying an additional 250 shares during the period. SOA Wealth Advisors LLC. boosted its position in Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after acquiring an additional 255 shares during the last quarter. Finally, Harfst & Associates Inc. lifted its position in shares of Fastenal by 0.4% in the third quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock worth $3,125,000 after purchasing an additional 256 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group restated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Barclays set a $43.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Wolfe Research lowered their price objective on Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $48.18.

Insider Transactions at Fastenal

In related news, Director Sarah N. Nielsen purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average cost of $39.60 per share, with a total value of $39,600.00. Following the acquisition, the director owned 5,000 shares of the company’s stock, valued at $198,000. This trade represents a 25.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $45.55 on Friday. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The stock has a market capitalization of $52.30 billion, a price-to-earnings ratio of 41.41, a price-to-earnings-growth ratio of 2.99 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The company’s 50 day simple moving average is $42.98 and its 200 day simple moving average is $44.45.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter last year, the company posted $0.46 EPS. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is presently 87.27%.

Fastenal Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.