FDx Advisors Inc. Sells 7,037 Shares of Fastenal Company (FAST)
FDx Advisors Inc. trimmed its holdings in Fastenal Company (NASDAQ:FAST) by 20.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 26,730 shares of the company’s stock after selling 7,037 shares during the quarter. FDx Advisors Inc.’s holdings in Fastenal were worth $1,218,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Fastenal by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock worth $1,374,380,000 after acquiring an additional 943,262 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Fastenal by 1.9% in the 2nd quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock worth $774,680,000 after acquiring an additional 336,893 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of 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. Mcdonald Capital Investors Inc. CA increased its stake in shares of 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. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Fastenal by 60.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,076,097 shares of the company’s stock worth $90,372,000 after buying an additional 781,071 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Several research analysts recently commented on FAST shares. KeyCorp reaffirmed a “buy” rating and issued a $52.00 target price on shares of Fastenal in a research note on Thursday, October 12th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub downgraded shares of Fastenal from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. BMO Capital Markets reaffirmed a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research note on Monday, August 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 target price (up from $44.00) on shares of Fastenal in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $50.80.
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In other Fastenal news, Director Stephen L. Eastman bought 800 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of $40.58 per share, for a total transaction of $32,464.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Leland J. Hein sold 10,000 shares of the business’s stock in a transaction on Monday, November 6th. The shares were sold at an average price of $48.00, for a total transaction of $480,000.00. Following the sale, the vice president now owns 20,258 shares in the company, valued at approximately $972,384. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,112 shares of company stock worth $1,444,232. Insiders own 0.55% of the company’s stock.
Shares of Fastenal Company (FAST) traded up $0.24 during trading on Wednesday, reaching $47.47. 1,865,700 shares of the company’s stock were exchanged, compared to its average volume of 2,839,496. 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 stock has a market cap of $13,573.45, a P/E ratio of 25.12, a P/E/G ratio of 1.75 and a beta of 1.06. Fastenal Company has a fifty-two week low of $39.79 and a fifty-two week high of $52.74.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.50. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.44 EPS. sell-side analysts expect that Fastenal Company will post 1.93 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Wednesday, October 25th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.70%. 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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