CIBC Asset Management Inc Has $13.89 Million Stock Position in Fastenal (NASDAQ:FAST)

CIBC Asset Management Inc raised its holdings in shares of Fastenal (NASDAQ:FAST) by 5.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 194,438 shares of the company’s stock after buying an additional 9,668 shares during the quarter. CIBC Asset Management Inc’s holdings in Fastenal were worth $13,887,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new position in Fastenal during the third quarter worth $25,000. Central Valley Advisors LLC acquired a new stake in Fastenal in the 2nd quarter worth $28,000. Triad Wealth Partners LLC acquired a new stake in Fastenal in the 2nd quarter worth $32,000. Crewe Advisors LLC increased its holdings in shares of Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC raised its position in shares of Fastenal by 1,019.0% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock valued at $34,000 after buying an additional 428 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

NASDAQ:FAST opened at $81.85 on Friday. The firm has a market cap of $46.89 billion, a PE ratio of 40.72, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99. The company’s 50-day moving average price is $74.96 and its two-hundred day moving average price is $69.22. The company has a quick ratio of 2.29, a current ratio of 4.40 and a debt-to-equity ratio of 0.03. Fastenal has a 12 month low of $59.47 and a 12 month high of $84.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The business had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same period in the prior year, the company earned $0.52 EPS. Fastenal’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts anticipate that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently declared 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Friday, October 25th. Fastenal’s dividend payout ratio is currently 77.61%.

Analysts Set New Price Targets

A number of research firms recently weighed in on FAST. JPMorgan Chase & Co. lifted their target price on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research report on Thursday, October 10th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price objective (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Bank of America started coverage on Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Morgan Stanley raised their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Finally, Stephens boosted their price target on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating 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, the stock has a consensus rating of “Hold” and a consensus price target of $74.80.

Insider Buying and Selling

In other news, CAO Sheryl Ann Lisowski sold 13,567 shares of Fastenal stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $76.19, for a total transaction of $1,033,669.73. Following the completion of the sale, the chief accounting officer now owns 5,096 shares in the company, valued at $388,264.24. The trade was a 72.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP John Lewis Soderberg sold 488 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $76.32, for a total transaction of $37,244.16. The disclosure for this sale can be found here. Insiders sold 254,033 shares of company stock worth $19,240,434 in the last quarter. Insiders own 0.41% of the company’s stock.

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.