Oppenheimer Asset Management Inc. boosted its holdings in shares of Fastenal (NASDAQ:FAST) by 8.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 109,589 shares of the company’s stock after buying an additional 8,624 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Fastenal were worth $6,358,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Trust Department MB Financial Bank N A acquired a new position in Fastenal during the second quarter worth $137,000. Delta Asset Management LLC TN raised its holdings in Fastenal by 3,540.7% during the third quarter. Delta Asset Management LLC TN now owns 3,131 shares of the company’s stock worth $182,000 after buying an additional 3,045 shares during the last quarter. Canton Hathaway LLC acquired a new position in Fastenal during the third quarter worth $186,000. Twin Tree Management LP acquired a new position in Fastenal during the second quarter worth $203,000. Finally, Stock Yards Bank & Trust Co. acquired a new position in Fastenal during the second quarter worth $209,000. Hedge funds and other institutional investors own 85.89% of the company’s stock.
Several research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Saturday, July 14th. BMO Capital Markets lowered their target price on shares of Fastenal from $57.00 to $54.00 and set a “market perform” rating for the company in a report on Friday, July 6th. BidaskClub downgraded shares of Fastenal from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Wells Fargo & Co increased their target price on shares of Fastenal from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Thursday, July 12th. Finally, ValuEngine upgraded shares of Fastenal from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $56.40.
Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 10th. The company reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.27 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.29%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.50 earnings per share. On average, equities research analysts anticipate that Fastenal will post 2.58 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, October 24th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, October 23rd. This represents a $1.60 annualized dividend and a yield of 3.24%. Fastenal’s payout ratio is currently 82.90%.
In related news, insider William Joseph Drazkowski purchased 830 shares of Fastenal stock in a transaction that occurred on Tuesday, October 23rd. The stock was bought at an average price of $50.54 per share, for a total transaction of $41,948.20. Following the completion of the transaction, the insider now owns 2,790 shares in the company, valued at $141,006.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel L. Florness purchased 2,000 shares of Fastenal stock in a transaction that occurred on Friday, October 12th. The shares were bought at an average price of $51.95 per share, with a total value of $103,900.00. Following the transaction, the chief executive officer now owns 99,845 shares of the company’s stock, valued at approximately $5,186,947.75. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 5,795 shares of company stock valued at $299,849. 0.56% of the stock is owned by company insiders.
Fastenal Company Profile
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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