Ontario Teachers Pension Plan Board Acquires 8,378 Shares of Fastenal Company (FAST)
Ontario Teachers Pension Plan Board increased its holdings in Fastenal Company (NASDAQ:FAST) by 7.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,873 shares of the company’s stock after buying an additional 8,378 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Fastenal were worth $5,218,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Nuance Investments LLC acquired a new position in Fastenal in the 2nd quarter valued at about $3,048,000. Sawtooth Solutions LLC raised its stake in 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 last quarter. Girard Partners LTD. raised its stake in 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 last quarter. Robeco Institutional Asset Management B.V. raised its stake in Fastenal by 58.4% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 23,487 shares of the company’s stock valued at $1,022,000 after purchasing an additional 8,655 shares during the last quarter. Finally, Airain ltd acquired a new position in Fastenal in the 2nd quarter valued at about $2,728,000. Institutional investors and hedge funds own 82.97% of the company’s stock.
Several research analysts recently weighed in on the stock. BidaskClub raised shares of Fastenal from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Stephens assumed coverage on shares of Fastenal in a research note on Friday, June 2nd. They issued an “overweight” rating and a $54.00 target price for the company. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. Northcoast Research assumed coverage on shares of Fastenal in a research note on Tuesday, July 25th. They issued a “buy” rating and a $54.00 target price for the company. Finally, Wells Fargo & Company reissued a “market perform” rating and issued a $47.00 target price (down previously from $51.00) on shares of Fastenal in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $50.33.
Shares of Fastenal Company (NASDAQ FAST) opened at 45.58 on Friday. The firm has a market cap of $13.13 billion, a P/E ratio of 25.09 and a beta of 0.99. The company’s 50-day moving average is $42.50 and its 200-day moving average is $44.98. Fastenal Company has a 52-week low of $37.70 and a 52-week high of $52.74.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Wednesday, July 12th. The company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.02. Fastenal had a return on equity of 26.86% and a net margin of 12.71%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. During the same period last year, the company posted $0.46 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Fastenal Company will post $1.92 earnings per share for the current fiscal year.
Fastenal announced that its board has authorized a share buyback program on Tuesday, July 11th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Fastenal news, Director Michael John Dolan sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $43.01, for a total transaction of $344,080.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel L. Johnson acquired 600 shares of the firm’s stock in a transaction on Monday, July 24th. The shares were acquired at an average price of $42.71 per share, with a total value of $25,626.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 3,400 shares of company stock valued at $142,960 over the last 90 days. Corporate insiders own 0.55% of the company’s stock.
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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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