CIBC Asset Management Inc Grows Position in Fastenal (NASDAQ:FAST)

CIBC Asset Management Inc boosted its stake in Fastenal (NASDAQ:FAST) by 7.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 184,770 shares of the company’s stock after purchasing an additional 12,557 shares during the quarter. CIBC Asset Management Inc’s holdings in Fastenal were worth $11,611,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Penobscot Investment Management Company Inc. grew its stake in Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after buying an additional 150 shares during the period. Panagora Asset Management Inc. grew its stake in Fastenal by 0.8% during the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock worth $1,237,000 after buying an additional 152 shares during the period. Sara Bay Financial grew its stake in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after buying an additional 155 shares during the period. Team Hewins LLC grew its stake in Fastenal by 4.8% during the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after buying an additional 157 shares during the period. Finally, Bleakley Financial Group LLC grew its stake in Fastenal by 2.0% during the first quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock worth $630,000 after buying an additional 159 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In related news, Director Hsenghung Sam Hsu bought 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the transaction, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Hsenghung Sam Hsu acquired 500 shares of Fastenal stock in a transaction dated Monday, June 10th. The shares were acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the transaction, the director now owns 3,500 shares in the company, valued at approximately $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by insiders.

Fastenal Trading Down 1.8 %

NASDAQ FAST opened at $67.08 on Wednesday. The company’s fifty day simple moving average is $66.57 and its 200-day simple moving average is $68.75. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The stock has a market cap of $38.41 billion, a P/E ratio of 33.37, a PEG ratio of 3.72 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. Equities research analysts predict that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a yield of 2.33%. Fastenal’s dividend payout ratio is presently 77.61%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FAST shares. Stephens reiterated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. Robert W. Baird decreased their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Jefferies Financial Group reduced their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $66.67.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.