Bank of New York Mellon Corp Boosts Holdings in Fastenal Company (FAST)
Bank of New York Mellon Corp grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 8.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,219,944 shares of the company’s stock after buying an additional 1,297,185 shares during the quarter. Bank of New York Mellon Corp owned approximately 5.64% of Fastenal worth $739,306,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of FAST. Enterprise Financial Services Corp lifted its holdings in shares of Fastenal by 0.5% during the second quarter. Enterprise Financial Services Corp now owns 6,074 shares of the company’s stock worth $264,000 after purchasing an additional 28 shares during the period. QS Investors LLC lifted its holdings in shares of Fastenal by 1.6% during the second quarter. QS Investors LLC now owns 4,051 shares of the company’s stock worth $176,000 after purchasing an additional 63 shares during the period. Krilogy Financial LLC lifted its holdings in shares of Fastenal by 2.0% during the second quarter. Krilogy Financial LLC now owns 3,530 shares of the company’s stock worth $154,000 after purchasing an additional 70 shares during the period. Community Bank N.A. lifted its holdings in shares of Fastenal by 1.1% during the second quarter. Community Bank N.A. now owns 7,276 shares of the company’s stock worth $317,000 after purchasing an additional 76 shares during the period. Finally, Roberts Glore & Co. Inc. IL lifted its holdings in shares of Fastenal by 1.6% during the second quarter. Roberts Glore & Co. Inc. IL now owns 5,041 shares of the company’s stock worth $219,000 after purchasing an additional 80 shares during the period. 83.95% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Leland J. Hein sold 10,000 shares of the business’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $48.74, for a total transaction of $487,400.00. Following the completion of the sale, the insider now directly owns 20,258 shares of the company’s stock, valued at $987,374.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Stephen L. Eastman bought 800 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were 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. Over the last ninety days, insiders sold 30,112 shares of company stock valued at $1,444,232. Insiders own 0.55% of the company’s stock.
Fastenal Company (NASDAQ:FAST) traded down $0.36 on Tuesday, reaching $47.23. 1,741,300 shares of the company’s stock traded hands, compared to its average volume of 2,843,943. Fastenal Company has a 12-month low of $39.79 and a 12-month 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. The company has a market capitalization of $13,676.91, a P/E ratio of 25.31, a P/E/G ratio of 1.76 and a beta of 1.06.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share for the quarter, meeting the consensus estimate of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The business’s revenue was up 11.8% compared to the same quarter last year. analysts forecast that Fastenal Company will post 1.93 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.71%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is currently 68.09%.
Several equities analysts recently issued reports on the stock. BMO Capital Markets restated a “market perform” rating and issued a $51.00 target price (up previously from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Northcoast Research restated a “buy” rating on shares of Fastenal in a report on Friday, August 4th. Stephens set a $54.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Thursday, August 3rd. Finally, BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. One investment 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. Fastenal presently has an average rating of “Buy” and an average target price of $50.80.
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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