Fastenal (NASDAQ:FAST) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its stake in shares of Fastenal (NASDAQ:FAST) by 5.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 194,438 shares of the company’s stock after purchasing an additional 9,668 shares during the quarter. CIBC Asset Management Inc’s holdings in Fastenal were worth $13,887,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC acquired a new stake in shares of Fastenal in the third quarter valued at approximately $25,000. Central Valley Advisors LLC acquired a new stake in Fastenal in the 2nd quarter valued at approximately $28,000. Triad Wealth Partners LLC bought a new stake in Fastenal during the 2nd quarter valued at $32,000. Crewe Advisors LLC boosted its position in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after acquiring an additional 428 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC grew its stake in shares of Fastenal by 1,019.0% in the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after purchasing an additional 428 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP John Lewis Soderberg sold 488 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $76.32, for a total transaction of $37,244.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Daniel L. Florness sold 31,818 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $84.50, for a total value of $2,688,621.00. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $24,168,521. This represents a 10.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,033 shares of company stock worth $19,240,434. Insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

Fastenal stock opened at $81.85 on Friday. The firm’s 50 day simple moving average is $74.96 and its 200-day simple moving average is $69.22. The company has a market cap of $46.89 billion, a P/E ratio of 40.72, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. Fastenal has a fifty-two week low of $59.47 and a fifty-two week high of $84.88.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The firm had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. As a group, equities research analysts predict that Fastenal will post 2.03 EPS for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a yield of 1.91%. Fastenal’s payout ratio is 77.61%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Bank of America assumed coverage on shares of Fastenal in a research note on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Stifel Nicolaus restated a “buy” rating and set a $86.00 price target (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Robert W. Baird upped their price target on shares of Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Stephens raised their price objective on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Finally, UBS Group started coverage on Fastenal in a research report on Wednesday. They set a “neutral” rating and a $88.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $74.80.

Fastenal Profile

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.