237,756 Shares in Fastenal Company $FAST Purchased by Nykredit A S

Key Points

• Nykredit A S purchased 237,756 shares of Fastenal worth approximately $11.4 million during the second quarter. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, matching estimates, while revenue of $2.39 billion exceeded expectations and increased 14.7% year over year.
• The company raised its quarterly dividend from $0.24 to $0.26 per share, equating to an annualized dividend of $1.04 and a 2.1% yield. Analysts’ consensus rating remained “Hold,” with an average price target of $49.50.

Nykredit A S purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 237,756 shares of the company's stock, valued at approximately $11,419,000.

Several other large investors have also recently modified their holdings of FAST. BlackRock Inc. acquired a new position in shares of Fastenal in the 2nd quarter valued at $5,105,454,000. Geode Capital Management LLC raised its position in Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company's stock valued at $1,508,216,000 after acquiring an additional 685,047 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Fastenal in the 2nd quarter valued at $859,310,000. Bank of America Corp DE raised its position in shares of Fastenal by 12.0% in the first quarter. Bank of America Corp DE now owns 16,292,425 shares of the company's stock worth $755,969,000 after acquiring an additional 1,744,193 shares during the period. Finally, Norges Bank purchased a new position in Fastenal during the fourth quarter worth approximately $646,046,000. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $49.01 on Monday. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The firm's fifty day moving average price is $49.05 and its 200 day moving average price is $46.84. The firm has a market cap of $56.24 billion, a price-to-earnings ratio of 41.53, a price-to-earnings-growth ratio of 3.06 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal's revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.29 earnings per share. On average, sell-side analysts expect that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, July 28th. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's payout ratio is currently 88.14%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley lifted 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. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a report on Friday, August 7th. Wolfe Research assumed coverage on Fastenal in a report on Tuesday, September 15th. They set an "underperform" rating and a $51.00 target price for the company. Finally, Jefferies Financial Group restated a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Fastenal presently has an average rating of "Hold" and an average price target of $49.50.

Insider Buying and Selling

In other Fastenal news, Director Rita Heise sold 34,964 shares of the 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 completion of the sale, the director owned 20,000 shares of the company's stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company's stock.

Fastenal Company Profile

Fastenal Company NASDAQ: FAST is a distributor of industrial and construction supplies. The company provides fasteners such as bolts, nuts, screws and related hardware, along with safety products, tools, material-handling equipment, welding supplies, janitorial products and other maintenance, repair and operations (MRO) materials.

Fastenal serves manufacturers, construction companies, contractors, government organizations and other commercial customers. Its offerings are delivered through a network of branch locations, customer-specific onsite operations, industrial vending machines, e-commerce platforms and other supply-chain services designed to help customers manage inventory and reduce procurement time.

Founded in 1967 by Bob Kierlin in Winona, Minnesota, Fastenal has expanded from a regional fastener supplier into an international industrial distributor.

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