First Business Financial Services Inc. Buys New Position in Fastenal (FAST)
First Business Financial Services Inc. bought a new stake in Fastenal (NASDAQ:FAST) in the fourth quarter, Holdings Channel reports. The fund bought 15,688 shares of the company’s stock, valued at approximately $858,000. Fastenal comprises 0.2% of First Business Financial Services Inc.’s holdings, making the stock its 23rd biggest holding.
A number of other hedge funds also recently modified their holdings of FAST. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Fastenal during the third quarter worth approximately $64,702,000. Bank of New York Mellon Corp boosted its position in shares of Fastenal by 8.7% during 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. Old Mutual Global Investors UK Ltd. boosted its position in shares of Fastenal by 580.8% during the third quarter. Old Mutual Global Investors UK Ltd. now owns 1,496,666 shares of the company’s stock worth $68,218,000 after buying an additional 1,276,832 shares during the period. Neuberger Berman Group LLC acquired a new position in shares of Fastenal during the third quarter worth approximately $56,907,000. Finally, Janus Henderson Group PLC boosted its position in shares of Fastenal by 58.5% during the third quarter. Janus Henderson Group PLC now owns 2,889,428 shares of the company’s stock worth $131,700,000 after buying an additional 1,066,773 shares during the period. Institutional investors own 84.40% of the company’s stock.
Several equities analysts have recently issued reports on the company. Robert W. Baird reiterated a “buy” rating on shares of Fastenal in a research report on Wednesday, January 17th. BMO Capital Markets reiterated a “hold” rating and set a $57.00 price objective on shares of Fastenal in a research report on Tuesday, January 9th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Friday, January 19th. Credit Suisse Group reiterated an “outperform” rating and set a $61.00 price objective (up from $52.00) on shares of Fastenal in a research report on Tuesday, January 9th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $51.00 price objective on shares of Fastenal in a research report on Monday, December 11th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $53.29.
Shares of Fastenal (FAST) opened at $53.48 on Friday. Fastenal has a twelve month low of $39.79 and a twelve month high of $57.81. The company has a market capitalization of $14,998.54, a P/E ratio of 26.61, a P/E/G ratio of 1.49 and a beta of 1.03. The company has a current ratio of 5.51, a quick ratio of 2.40 and a debt-to-equity ratio of 0.20.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, January 17th. The company reported $0.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.45. Fastenal had a return on equity of 27.39% and a net margin of 13.18%. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. analysts expect that Fastenal will post 2.5 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 27th. Investors of record on Wednesday, January 31st will be issued a dividend of $0.37 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $1.48 annualized dividend and a yield of 2.77%. Fastenal’s payout ratio is presently 73.63%.
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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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