Fastenal (FAST) Shares Bought by State of Wisconsin Investment Board
State of Wisconsin Investment Board increased its holdings in shares of Fastenal (NASDAQ:FAST) by 13.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 280,732 shares of the company’s stock after purchasing an additional 33,862 shares during the quarter. State of Wisconsin Investment Board’s holdings in Fastenal were worth $13,512,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of FAST. Signaturefd LLC purchased a new position in Fastenal in the first quarter valued at about $117,000. Institutional & Family Asset Management LLC purchased a new position in Fastenal in the first quarter valued at about $122,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Fastenal by 87.8% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,500 shares of the company’s stock valued at $135,000 after purchasing an additional 1,169 shares in the last quarter. Trust Department MB Financial Bank N A purchased a new position in Fastenal in the second quarter valued at about $137,000. Finally, Lucia Wealth Services LLC purchased a new position in Fastenal in the first quarter valued at about $143,000. Institutional investors and hedge funds own 84.51% of the company’s stock.
In other Fastenal news, insider Terry Modock Owen acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 6th. The stock was acquired at an average price of $51.85 per share, with a total value of $103,700.00. Following the transaction, the insider now owns 2,000 shares of the company’s stock, valued at $103,700. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.56% of the stock is currently owned by insiders.
Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, July 11th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.08. Fastenal had a return on equity of 30.82% and a net margin of 14.57%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the company posted $0.52 EPS. The firm’s revenue was up 13.1% on a year-over-year basis. equities research analysts forecast that Fastenal will post 2.56 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 22nd. Investors of record on Wednesday, July 25th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Tuesday, July 24th. This is a boost from Fastenal’s previous quarterly dividend of $0.37. Fastenal’s payout ratio is currently 82.90%.
FAST has been the subject of several recent analyst reports. BMO Capital Markets decreased their price target on Fastenal from $57.00 to $54.00 and set a “market perform” rating for the company in a research note on Friday, July 6th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research note on Tuesday, July 3rd. Wolfe Research initiated coverage on Fastenal in a research note on Wednesday, June 27th. They set an “underperform” rating for the company. Stifel Nicolaus upped their price target on Fastenal from $53.00 to $56.00 and gave the stock a “hold” rating in a research note on Friday, July 13th. Finally, BidaskClub upgraded Fastenal from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.55.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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