Verition Fund Management LLC Invests $745,000 in Fastenal Company (FAST) Stock
Verition Fund Management LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 17,117 shares of the company’s stock, valued at approximately $745,000.
A number of other institutional investors have also recently bought and sold shares of FAST. JPMorgan Chase & Co. increased its holdings in Fastenal by 4.1% during the 1st quarter. JPMorgan Chase & Co. now owns 64,504 shares of the company’s stock worth $3,323,000 after acquiring an additional 2,538 shares during the period. FMR LLC increased its holdings in Fastenal by 150.9% during the 1st quarter. FMR LLC now owns 2,875,059 shares of the company’s stock worth $148,066,000 after acquiring an additional 1,729,206 shares during the period. Teachers Advisors LLC increased its holdings in Fastenal by 2.8% during the 1st quarter. Teachers Advisors LLC now owns 559,285 shares of the company’s stock worth $28,803,000 after acquiring an additional 15,362 shares during the period. Teacher Retirement System of Texas bought a new stake in Fastenal during the 1st quarter worth approximately $8,562,000. Finally, Cleararc Capital Inc. increased its holdings in Fastenal by 1.3% during the 1st quarter. Cleararc Capital Inc. now owns 7,094 shares of the company’s stock worth $365,000 after acquiring an additional 89 shares during the period. 83.01% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently weighed in on the stock. BidaskClub lowered shares of Fastenal from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Stephens set a $54.00 target price on shares of Fastenal and gave the stock a “buy” rating in a report on Wednesday, October 11th. KeyCorp reaffirmed a “buy” rating and set a $52.00 target price on shares of Fastenal in a report on Thursday. BMO Capital Markets reaffirmed a “market perform” rating and set a $51.00 target price (up previously from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Finally, Zacks Investment Research raised shares of Fastenal from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Thursday, August 3rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $50.80.
Shares of Fastenal Company (NASDAQ:FAST) traded up 0.75% during trading on Monday, hitting $46.93. 297,421 shares of the stock were exchanged. The stock has a market cap of $13.49 billion, a PE ratio of 25.03 and a beta of 1.00. Fastenal Company has a 52-week low of $37.88 and a 52-week high of $52.74. The firm has a 50 day moving average of $44.17 and a 200-day moving average of $44.23.
Fastenal (NASDAQ:FAST) last released its earnings results on Wednesday, October 11th. The company reported $0.50 EPS for the quarter, hitting the consensus estimate of $0.50. Fastenal had a net margin of 12.73% and a return on equity of 27.28%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. The company’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts anticipate that Fastenal Company will post $1.93 earnings per share for the current fiscal year.
Fastenal declared that its board has approved a stock repurchase program on Tuesday, July 11th that authorizes the company to repurchase 5,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Wednesday, October 25th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.75%. The ex-dividend date is Tuesday, October 24th. Fastenal’s dividend payout ratio (DPR) is presently 68.09%.
In other news, Director Michael John Dolan sold 8,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $43.01, for a total value of $344,080.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Joseph Drazkowski bought 1,000 shares of the stock in a transaction dated Friday, July 21st. The stock was bought at an average cost of $42.36 per share, for a total transaction of $42,360.00. Following the acquisition, the insider now directly owns 1,960 shares of the company’s stock, valued at approximately $83,025.60. The disclosure for this purchase can be found here. Insiders bought 2,400 shares of company stock worth $100,450 in the last three months. 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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