1,945,287 Shares of Fastenal Company $FAST Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments purchased 1.95 million Fastenal shares worth approximately $96.35 million, acquiring a 0.17% stake. Institutional investors and hedge funds collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.35 per share and revenue of $2.46 billion, exceeding analyst expectations; revenue increased 15.5% year over year.
• Analysts have a consensus “Hold” rating with an average price target of $51.46. Fastenal also declared a quarterly dividend of $0.26 per share, representing a 2.0% annualized yield.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,945,287 shares of the company's stock, valued at approximately $96,350,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.17% of Fastenal as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Integrated Advisors Network LLC lifted its position in shares of Fastenal by 3.9% during the 3rd quarter. Integrated Advisors Network LLC now owns 5,548 shares of the company's stock worth $275,000 after buying an additional 208 shares during the last quarter. High Net Worth Advisory Group LLC boosted its holdings in shares of Fastenal by 2.4% in the 2nd quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company's stock valued at $433,000 after buying an additional 214 shares in the last quarter. Tandem Investment Advisors Inc. grew its position in shares of Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after buying an additional 224 shares during the last quarter. Sound Income Strategies LLC grew its position in shares of Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after buying an additional 232 shares during the last quarter. Finally, Pure Financial Advisors LLC grew its position in shares of Fastenal by 3.4% in the 2nd quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company's stock valued at $344,000 after buying an additional 235 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Robert W. Baird lifted their target price on Fastenal from $59.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, October 15th. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Barclays cut their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Argus boosted their price objective on Fastenal from $55.00 to $59.00 and gave the company a "buy" rating in a research note on Wednesday, October 21st. Finally, William Blair reissued an "outperform" rating on shares of Fastenal in a report on Friday, September 4th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and an average target price of $51.46.

Fastenal Stock Down 1.2%

FAST opened at $51.91 on Friday. The stock has a market capitalization of $59.56 billion, a P/E ratio of 41.86, a P/E/G ratio of 3.11 and a beta of 0.69. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $53.30. The business has a 50 day simple moving average of $50.48 and a 200-day simple moving average of $47.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.93 and a quick ratio of 2.11.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. Fastenal had a return on equity of 35.13% and a net margin of 15.62%. The business had revenue of $2.46 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter in the prior year, the firm posted $0.29 EPS. The company's revenue was up 15.5% compared to the same quarter last year. On average, equities analysts anticipate that Fastenal Company will post 1.27 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, October 28th will be issued a dividend of $0.26 per share. The ex-dividend date is Wednesday, October 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal's dividend payout ratio (DPR) is 83.87%.

Insider Transactions at Fastenal

In related news, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company's stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.28% of the company's stock.

Fastenal Company Profile

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.

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