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

CIBC Asset Management Inc raised its holdings in Fastenal (NASDAQ:FAST - Free Report) by 5.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 194,438 shares of the company's stock after purchasing an additional 9,668 shares during the period. CIBC Asset Management Inc's holdings in Fastenal were worth $13,887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FAST. Aaron Wealth Advisors LLC purchased a new position in Fastenal in the 3rd quarter valued at about $310,000. Cetera Investment Advisers increased its position in shares of Fastenal by 499.7% during the first quarter. Cetera Investment Advisers now owns 132,046 shares of the company's stock worth $10,186,000 after purchasing an additional 110,027 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Fastenal by 5.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 210,998 shares of the company's stock valued at $13,259,000 after purchasing an additional 11,436 shares during the last quarter. Peak Financial Advisors LLC acquired a new stake in Fastenal during the 2nd quarter worth $2,643,000. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Fastenal by 61.1% during the first quarter. Canada Pension Plan Investment Board now owns 347,807 shares of the company's stock worth $26,830,000 after buying an additional 131,887 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Trading Down 0.4 %

FAST traded down $0.31 on Friday, hitting $81.85. The company had a trading volume of 2,595,550 shares, compared to its average volume of 2,821,170. The company's fifty day moving average price is $74.96 and its 200 day moving average price is $69.23. Fastenal has a 1 year low of $59.47 and a 1 year high of $84.88. The company has a current ratio of 4.40, a quick ratio of 2.29 and a debt-to-equity ratio of 0.03. The firm has a market cap of $46.89 billion, a P/E ratio of 40.72, a PEG ratio of 4.80 and a beta of 0.99.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The business's revenue was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 EPS. As a group, equities analysts expect that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Dividend Announcement

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 issued a $0.39 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.56 annualized dividend and a dividend yield of 1.91%. Fastenal's dividend payout ratio is presently 77.61%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FAST shares. Bank of America began coverage on shares of Fastenal in a research report on Monday, October 7th. They set a "buy" rating and a $85.00 price target on the stock. Morgan Stanley upped their price target on Fastenal from $72.00 to $76.00 and gave the company an "equal weight" rating in a research report on Monday, October 14th. UBS Group assumed coverage on Fastenal in a research report on Wednesday. They set a "neutral" rating and a $88.00 price objective on the stock. Robert W. Baird raised their target price on Fastenal from $67.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus reiterated a "buy" rating and set a $86.00 price target (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average price target of $74.80.

Insider Buying and Selling

In other news, CFO Holden Lewis sold 30,000 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $76.52, for a total value of $2,295,600.00. Following the sale, the chief financial officer now directly owns 9,881 shares in the company, valued at approximately $756,094.12. This trade represents a 75.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel L. Florness sold 31,818 shares of Fastenal stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 286,018 shares of the company's stock, valued at approximately $24,168,521. This trade represents a 10.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,033 shares of company stock valued at $19,240,434. Corporate insiders own 0.41% of the company's stock.

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.