Highland Capital Management LP acquired a new position in Fastenal (NASDAQ:FAST) during the 4th quarter, Holdings Channel reports. The fund acquired 5,000 shares of the company’s stock, valued at approximately $273,000.
Several other institutional investors have also modified their holdings of the stock. Amundi Pioneer Asset Management Inc. acquired a new position in Fastenal in the third quarter valued at $64,702,000. Bank of New York Mellon Corp lifted its holdings in Fastenal by 8.7% in the third quarter. Bank of New York Mellon Corp now owns 16,219,944 shares of the company’s stock valued at $739,306,000 after buying an additional 1,297,185 shares during the period. Neuberger Berman Group LLC acquired a new position in Fastenal in the third quarter valued at $56,907,000. Janus Henderson Group PLC lifted its holdings in Fastenal by 58.5% in the third quarter. Janus Henderson Group PLC now owns 2,889,428 shares of the company’s stock valued at $131,700,000 after buying an additional 1,066,773 shares during the period. Finally, OppenheimerFunds Inc. lifted its holdings in Fastenal by 18.8% in the fourth quarter. OppenheimerFunds Inc. now owns 4,876,680 shares of the company’s stock valued at $266,706,000 after buying an additional 772,198 shares during the period. 84.03% of the stock is currently owned by institutional investors.
Fastenal (FAST) opened at $57.97 on Friday. Fastenal has a fifty-two week low of $39.79 and a fifty-two week high of $58.00. The firm has a market cap of $16,674.96, a PE ratio of 30.04, a PEG ratio of 1.66 and a beta of 0.99. The company has a current ratio of 5.51, a quick ratio of 2.40 and a debt-to-equity ratio of 0.20.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Wednesday, January 31st were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.55%. This is a positive change from Fastenal’s previous quarterly dividend of $0.32. Fastenal’s dividend payout ratio is currently 73.63%.
Several research firms recently issued reports on FAST. Robert W. Baird restated a “buy” rating and issued a $57.00 target price on shares of Fastenal in a report on Tuesday, March 6th. Northcoast Research set a $60.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Friday, March 2nd. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Friday, January 19th. Credit Suisse Group upgraded shares of Fastenal to a “buy” rating and set a $61.00 target price on the stock in a report on Thursday, January 18th. Finally, Stephens boosted their target price on shares of Fastenal from $54.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $54.00.
In other news, insider Charles S. Miller sold 26,250 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $56.50, for a total transaction of $1,483,125.00. Following the transaction, the insider now owns 26,250 shares in the company, valued at $1,483,125. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gary A. Polipnick sold 2,634 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $53.45, for a total transaction of $140,787.30. Following the sale, the insider now directly owns 59,323 shares of the company’s stock, valued at $3,170,814.35. The disclosure for this sale can be found here. Insiders have sold 36,384 shares of company stock worth $2,048,712 in the last quarter. Company insiders own 0.56% of the company’s stock.
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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