Jennison Associates LLC raised its stake in Fastenal Company (NASDAQ:FAST) by 28.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,487,127 shares of the company’s stock after acquiring an additional 332,728 shares during the quarter. Jennison Associates LLC owned approximately 0.52% of Fastenal worth $67,783,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Fastenal by 3.1% in the second quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock worth $1,374,380,000 after acquiring an additional 943,262 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Fastenal by 1.9% in the second quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock worth $774,680,000 after acquiring an additional 336,893 shares during the last quarter. Principal Financial Group Inc. increased its stake in Fastenal by 5.1% in the second quarter. Principal Financial Group Inc. now owns 2,494,090 shares of the company’s stock valued at $108,567,000 after purchasing an additional 121,909 shares during the last quarter. Mcdonald Capital Investors Inc. CA increased its stake in Fastenal by 4.7% in the third quarter. Mcdonald Capital Investors Inc. CA now owns 2,285,396 shares of the company’s stock valued at $104,168,000 after purchasing an additional 103,147 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Fastenal by 60.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,076,097 shares of the company’s stock valued at $90,372,000 after purchasing an additional 781,071 shares during the last quarter. 83.95% of the stock is owned by institutional investors.
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Several equities analysts recently commented on the company. KeyCorp reiterated a “buy” rating and issued a $52.00 target price on shares of Fastenal in a research note on Thursday, October 12th. Stephens set a $54.00 target price on Fastenal and gave the company a “buy” rating in a research note on Wednesday, October 11th. BMO Capital Markets reiterated a “market perform” rating and issued a $51.00 target price (up from $46.00) on shares of Fastenal in a research note on Tuesday, October 10th. Morgan Stanley reiterated an “equal weight” rating and issued a $46.00 target price (up from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. Finally, BidaskClub lowered Fastenal from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $50.80.
In related news, insider Leland J. Hein sold 10,000 shares of the stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.74, for a total value of $487,400.00. Following the completion of the transaction, the insider now owns 20,258 shares of the company’s stock, valued at $987,374.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stephen L. Eastman purchased 800 shares of Fastenal stock in a transaction that occurred on Tuesday, August 22nd. The stock was acquired at an average cost of $40.58 per share, with a total value of $32,464.00. The disclosure for this purchase can be found here. Insiders sold 30,112 shares of company stock valued at $1,444,232 in the last ninety days. Company insiders own 0.55% of the company’s stock.
Shares of Fastenal Company (FAST) opened at $47.23 on Tuesday. Fastenal Company has a 1 year low of $39.79 and a 1 year high of $52.74. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13,676.91, a PE ratio of 25.31, a PEG ratio of 1.76 and a beta of 1.06.
Fastenal (NASDAQ:FAST) last issued its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The company had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the prior year, the business earned $0.44 earnings per share. The company’s revenue was up 11.8% compared to the same quarter last year. research analysts expect that Fastenal Company will post 1.93 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Tuesday, October 24th. Fastenal’s payout ratio is 68.09%.
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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