Fastenal Company (FAST) Shares Sold by Advisors Asset Management Inc.
Advisors Asset Management Inc. cut its position in shares of Fastenal Company (NASDAQ:FAST) by 12.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 285,047 shares of the company’s stock after selling 40,045 shares during the quarter. Advisors Asset Management Inc. owned 0.10% of Fastenal worth $12,992,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in FAST. Vanguard Group Inc. increased its position in 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 buying an additional 943,262 shares during the period. BlackRock Inc. increased its position in 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 buying an additional 336,893 shares during the period. Bank of New York Mellon Corp increased its position 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 worth $739,306,000 after buying an additional 1,297,185 shares during the period. Principal Financial Group Inc. increased its position in Fastenal by 5.1% in the second quarter. Principal Financial Group Inc. now owns 2,494,090 shares of the company’s stock worth $108,567,000 after buying an additional 121,909 shares during the period. Finally, Mcdonald Capital Investors Inc. CA increased its position 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 worth $104,168,000 after buying an additional 103,147 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.
In related news, Director Stephen L. Eastman purchased 800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was acquired at an average price of $40.58 per share, for a total transaction of $32,464.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Leland J. Hein sold 10,000 shares of the 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 transaction, the insider now owns 20,258 shares of the company’s stock, valued at approximately $987,374.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,112 shares of company stock worth $1,444,232. 0.55% of the stock is owned by corporate insiders.
Several equities research analysts have weighed in on FAST shares. BMO Capital Markets reaffirmed a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research report on Monday, August 21st. BidaskClub lowered Fastenal from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Stephens set a $54.00 price target on Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. Morgan Stanley reissued an “equal weight” rating and set a $46.00 price target (up from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Finally, Stifel Nicolaus reissued a “hold” rating and set a $46.00 price target on shares of Fastenal in a report on Tuesday, August 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $50.80.
Fastenal Company (NASDAQ:FAST) traded up $0.90 during trading hours on Friday, reaching $48.47. The company had a trading volume of 1,661,200 shares, compared to its average volume of 2,828,691. The firm has a market capitalization of $13,930.00, a price-to-earnings ratio of 25.30, a P/E/G ratio of 1.76 and a beta of 1.06. Fastenal Company has a 1 year low of $39.79 and a 1 year high of $52.74. The company has a current ratio of 5.36, a quick ratio of 2.45 and a debt-to-equity ratio of 0.21.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. Fastenal’s revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. equities analysts anticipate that Fastenal Company will post 1.93 earnings per share for the current fiscal 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 2.64%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is currently 68.09%.
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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