1,360,526 Shares in Fastenal Company $FAST Acquired by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 1.36 million Fastenal shares worth approximately $65.3 million, giving it a 0.12% stake. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share, matching estimates, while revenue rose 14.7% year over year to $2.39 billion. Analysts maintain an average “Hold” rating with a $49.17 average price target.
• The company increased its quarterly dividend from $0.24 to $0.26 per share, equivalent to a $1.04 annual payout and a 2.0% yield. Two directors recently sold shares, and insiders own just 0.28% of the stock.

Canada Pension Plan Investment Board bought a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,360,526 shares of the company's stock, valued at approximately $65,346,000. Canada Pension Plan Investment Board owned 0.12% of Fastenal as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Fastenal during the 2nd quarter worth $26,000. Evergreen Advisors LLC bought a new position in Fastenal in the 1st quarter worth $26,000. Palladiem LLC bought a new position in Fastenal in the 4th quarter worth $25,000. Elyxium Wealth LLC acquired a new position in Fastenal during the 4th quarter worth $25,000. Finally, MV Capital Management Inc. acquired a new position in Fastenal during the 4th quarter worth $29,000. Institutional investors own 81.38% of the company's stock.

Insider Buying and Selling

In related news, Director Rita J. Heise sold 34,964 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FAST shares. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a research report on Thursday, June 4th. Weiss Ratings upgraded Fastenal from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Morgan Stanley raised their target price on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Finally, Robert W. Baird set a $54.00 price target on Fastenal in a research report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average target price of $49.17.

Fastenal Stock Performance

NASDAQ:FAST opened at $51.13 on Friday. The firm's 50-day moving average is $48.38 and its 200-day moving average is $46.48. The company has a market cap of $58.67 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 3.19 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.34 billion. During the same quarter last year, the company earned $0.29 earnings per share. The firm's revenue was up 14.7% on a year-over-year basis. Equities research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were given a $0.26 dividend. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is 88.14%.

Fastenal Profile

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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