Todd Asset Management LLC Takes $15.39 Million Position in Fastenal Company (FAST)
Todd Asset Management LLC purchased a new position in Fastenal Company (NASDAQ:FAST) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 337,593 shares of the company’s stock, valued at approximately $15,387,000. Todd Asset Management LLC owned approximately 0.12% of Fastenal at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Toronto Dominion Bank lifted its holdings in shares of Fastenal by 11.5% in the third quarter. Toronto Dominion Bank now owns 109,291 shares of the company’s stock worth $4,980,000 after buying an additional 11,300 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Fastenal by 5.3% in the third quarter. New York State Common Retirement Fund now owns 946,100 shares of the company’s stock worth $43,123,000 after buying an additional 47,900 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in shares of Fastenal in the third quarter worth about $10,273,000. Global X MANAGEMENT CO LLC lifted its holdings in shares of Fastenal by 19.9% in the third quarter. Global X MANAGEMENT CO LLC now owns 13,361 shares of the company’s stock worth $609,000 after buying an additional 2,213 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new stake in shares of Fastenal in the third quarter worth about $492,000. 83.95% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on FAST shares. KeyCorp reissued a “buy” rating and issued a $52.00 price target on shares of Fastenal in a report on Thursday, October 12th. Stephens set a $54.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Wednesday, October 11th. Northcoast Research restated a “buy” rating on shares of Fastenal in a research report on Friday, August 4th. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Thursday, August 3rd. Finally, Morgan Stanley restated an “equal weight” rating and issued a $46.00 price objective (up from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Fastenal currently has an average rating of “Buy” and an average target price of $50.80.
In other Fastenal news, Director Stephen L. Eastman purchased 800 shares of Fastenal stock in a transaction on Tuesday, August 22nd. The shares were acquired at an average cost of $40.58 per share, for a total transaction of $32,464.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Leland J. Hein sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.74, for a total transaction of $487,400.00. Following the transaction, the insider now owns 20,258 shares in the company, valued at $987,374.92. The disclosure for this sale can be found here. Insiders have sold 30,112 shares of company stock worth $1,444,232 over the last quarter. Company insiders own 0.55% of the company’s stock.
Shares of Fastenal Company (NASDAQ FAST) traded down $0.36 during midday trading on Tuesday, reaching $47.23. 1,741,300 shares of the company’s stock were exchanged, compared to its average volume of 2,843,943. Fastenal Company has a twelve month low of $39.79 and a twelve month high of $52.74. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.36 and a quick ratio of 2.45. The company has a market capitalization of $13,676.91, a PE ratio of 25.31, a P/E/G ratio of 1.76 and a beta of 1.06.
Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, meeting analysts’ consensus estimates of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the business earned $0.44 earnings per share. The business’s quarterly revenue was up 11.8% on a year-over-year basis. sell-side analysts forecast that Fastenal Company will post 1.93 earnings per share for the current year.
The firm also recently declared 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 2.71%. The ex-dividend date is Tuesday, October 24th. Fastenal’s payout ratio is currently 68.09%.
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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