Griffin Asset Management Inc. Invests $550,000 in Fastenal (FAST)
Griffin Asset Management Inc. purchased a new stake in Fastenal (NASDAQ:FAST) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 12,060 shares of the company’s stock, valued at approximately $550,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nuance Investments LLC acquired a new stake in shares of Fastenal in the 2nd quarter valued at about $3,048,000. Sawtooth Solutions LLC raised its stake in shares of Fastenal by 15.4% in the 2nd quarter. Sawtooth Solutions LLC now owns 24,473 shares of the company’s stock valued at $1,065,000 after purchasing an additional 3,275 shares during the period. Seven Eight Capital LP raised its stake in shares of Fastenal by 67.2% in the 2nd quarter. Seven Eight Capital LP now owns 9,700 shares of the company’s stock valued at $422,000 after purchasing an additional 3,900 shares during the period. Girard Partners LTD. raised its stake in shares of Fastenal by 14.5% in the 2nd quarter. Girard Partners LTD. now owns 11,674 shares of the company’s stock valued at $508,000 after purchasing an additional 1,477 shares during the period. Finally, Korea Investment CORP raised its stake in shares of Fastenal by 62.5% in the 3rd quarter. Korea Investment CORP now owns 76,983 shares of the company’s stock valued at $3,509,000 after purchasing an additional 29,600 shares during the period. 84.67% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Terry Modock Owen sold 30,000 shares of Fastenal stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $48.02, for a total transaction of $1,440,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Leland J. Hein sold 10,000 shares of Fastenal stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $51.00, for a total value of $510,000.00. Following the transaction, the insider now owns 22,588 shares of the company’s stock, valued at approximately $1,151,988. The disclosure for this sale can be found here. Insiders have sold 80,112 shares of company stock valued at $3,879,832 in the last quarter. 0.55% of the stock is currently owned by corporate insiders.
Fastenal (NASDAQ:FAST) opened at $52.96 on Wednesday. Fastenal has a 1-year low of $39.79 and a 1-year high of $55.35. 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 $15,455.86, a PE ratio of 28.61, a P/E/G ratio of 1.99 and a beta of 1.08.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter last year, the company posted $0.44 earnings per share. Fastenal’s quarterly revenue was up 11.8% on a year-over-year basis. analysts forecast that Fastenal will post 1.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Tuesday, October 24th. Fastenal’s payout ratio is currently 68.09%.
A number of analysts recently issued reports on FAST shares. KeyCorp reaffirmed a “buy” rating and issued a $52.00 target price on shares of Fastenal in a research report on Thursday, October 12th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 target price (up previously from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Stephens set a $54.00 target price on Fastenal and gave the company a “buy” rating in a research report on Wednesday, October 11th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $46.00 target price on shares of Fastenal in a research report on Tuesday, August 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 target price (up previously from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $51.13.
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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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