194,125 Shares in Fastenal Company $FAST Purchased by Cibc World Market Inc.

Cibc World Market Inc. purchased a new position in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, HoldingsChannel reports. The fund purchased 194,125 shares of the company’s stock, valued at approximately $9,324,000.

A number of other hedge funds also recently bought and sold shares of the company. Elyxium Wealth LLC purchased a new position in shares of Fastenal during the fourth quarter valued at approximately $25,000. Palladiem LLC purchased a new stake in Fastenal during the 4th quarter valued at $25,000. Evergreen Advisors LLC purchased a new stake in Fastenal during the 1st quarter valued at $26,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Fastenal during the 2nd quarter valued at $26,000. Finally, MV Capital Management Inc. purchased a new position in shares of Fastenal in the 4th quarter worth $29,000. Institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

FAST has been the topic of a number of recent research reports. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Morgan Stanley upped their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Robert W. Baird set a $54.00 target price on Fastenal in a research report on Friday, August 7th. Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Finally, Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $49.17.

Insider Transactions at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by company insiders.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $51.28 on Tuesday. The company has a market capitalization of $58.84 billion, a price-to-earnings ratio of 43.46, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $48.06 and a 200 day moving average of $46.41.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, sell-side analysts predict that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal’s dividend payout ratio is 88.14%.

Fastenal Company 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.