Raymond James Financial Services Advisors Inc. Boosts Stake in Fastenal (FAST)

Raymond James Financial Services Advisors Inc. raised its stake in shares of Fastenal (NASDAQ:FAST) by 39.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 133,651 shares of the company’s stock after buying an additional 37,895 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fastenal were worth $6,092,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Fastenal by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock valued at $1,374,380,000 after acquiring an additional 943,262 shares in the last quarter. BlackRock Inc. raised its stake in shares of Fastenal by 1.9% during the 2nd quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock worth $774,680,000 after purchasing an additional 336,893 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Fastenal by 5.1% during the 2nd quarter. Principal Financial Group Inc. now owns 2,494,090 shares of the company’s stock worth $108,567,000 after purchasing an additional 121,909 shares in the last quarter. Mcdonald Capital Investors Inc. CA raised its stake in shares of Fastenal by 0.6% during the 2nd quarter. Mcdonald Capital Investors Inc. CA now owns 2,182,249 shares of the company’s stock worth $94,993,000 after purchasing an additional 14,030 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Fastenal by 60.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,076,097 shares of the company’s stock valued at $90,372,000 after acquiring an additional 781,071 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Shares of Fastenal (FAST) traded down $0.46 during trading on Wednesday, reaching $53.43. The company’s stock had a trading volume of 2,614,802 shares, compared to its average volume of 2,810,459. The firm has a market capitalization of $15,771.99, a PE ratio of 29.19, a PEG ratio of 2.03 and a beta of 1.08. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. Fastenal has a 12-month low of $39.79 and a 12-month high of $55.35.

Fastenal (NASDAQ:FAST) last announced its earnings results on Wednesday, October 11th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Fastenal had a return on equity of 27.28% and a net margin of 12.73%. Fastenal’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 earnings per share. analysts expect that Fastenal will post 1.93 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Tuesday, October 24th. This represents a $1.28 dividend on an annualized basis and a yield of 2.40%. Fastenal’s dividend payout ratio (DPR) is currently 68.09%.

In other Fastenal news, insider James C. Jansen sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $48.50, for a total value of $485,000.00. Following the sale, the insider now directly owns 22,588 shares in the company, valued at $1,095,518. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Terry Modock Owen sold 30,000 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $48.02, for a total value of $1,440,600.00. The disclosure for this sale can be found here. Insiders have sold 80,112 shares of company stock worth $3,879,832 over the last quarter. 0.55% of the stock is currently owned by corporate insiders.

A number of brokerages have commented on FAST. BMO Capital Markets reaffirmed a “market perform” rating and issued a $51.00 price objective (up from $46.00) on shares of Fastenal in a report on Tuesday, October 10th. Stephens set a $54.00 price objective on Fastenal and gave the company a “buy” rating in a report on Wednesday, October 11th. Stifel Nicolaus reissued a “hold” rating and set a $46.00 target price on shares of Fastenal in a report on Tuesday, August 22nd. Morgan Stanley reissued an “equal weight” rating and set a $46.00 target price (up from $44.00) on shares of Fastenal in a report on Monday, October 2nd. Finally, BidaskClub lowered Fastenal from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $50.80.

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About Fastenal

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.

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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