Chemical Bank raised its holdings in Fastenal (NASDAQ:FAST) by 44.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,410 shares of the company’s stock after acquiring an additional 2,885 shares during the quarter. Chemical Bank’s holdings in Fastenal were worth $515,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in FAST. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Fastenal in the third quarter valued at $64,702,000. Neuberger Berman Group LLC purchased a new position in shares of Fastenal in the third quarter valued at $56,907,000. Janus Henderson Group PLC increased its position in shares of Fastenal by 58.5% in the third quarter. Janus Henderson Group PLC now owns 2,889,428 shares of the company’s stock valued at $131,700,000 after buying an additional 1,066,773 shares in the last quarter. Element Capital Management LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $44,222,000. Finally, Elkfork Partners LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $43,602,000. 84.92% of the stock is owned by institutional investors.
Shares of Fastenal stock opened at $53.85 on Friday. The company has a market capitalization of $15,901.16, a PE ratio of 26.79, a P/E/G ratio of 1.57 and a beta of 0.99. Fastenal has a 52-week low of $39.79 and a 52-week high of $58.74. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.40 and a current ratio of 5.51.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Wednesday, January 31st were issued a $0.37 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $1.48 annualized dividend and a yield of 2.75%. Fastenal’s payout ratio is 73.63%.
FAST has been the subject of a number of research analyst reports. Stephens raised their price target on Fastenal from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, January 18th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research report on Tuesday, December 26th. Stifel Nicolaus restated a “hold” rating and issued a $51.00 price target on shares of Fastenal in a research report on Monday, December 11th. Credit Suisse Group upgraded Fastenal to a “buy” rating and set a $61.00 price target for the company in a research report on Thursday, January 18th. Finally, Goldman Sachs initiated coverage on Fastenal in a research report on Sunday, March 18th. They issued a “sell” rating and a $49.00 price target for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $53.67.
In other Fastenal news, insider Charles S. Miller sold 26,250 shares of Fastenal stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $56.50, for a total value of $1,483,125.00. Following the completion of the sale, the insider now owns 26,250 shares in the company, valued at approximately $1,483,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William Joseph Drazkowski sold 7,500 shares of Fastenal stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $56.64, for a total value of $424,800.00. Following the completion of the sale, the insider now owns 9,460 shares of the company’s stock, valued at approximately $535,814.40. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.
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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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