68,200 Shares in Fastenal Company $FAST Bought by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration Corp. purchased 68,200 Fastenal shares during the second quarter, worth approximately $3.28 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, matching estimates, while revenue reached $2.39 billion and rose 14.7% year over year. The company increased its quarterly dividend to $0.26 per share, representing a 2.1% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and a $49.17 price target. Fastenal shares opened at $50.31, near their 52-week high, while two directors recently reduced their holdings through stock sales.

OMERS ADMINISTRATION Corp purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 68,200 shares of the company's stock, valued at approximately $3,276,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Integrated Wealth Concepts LLC grew its holdings in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after buying an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. raised its holdings 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 worth $573,000 after acquiring an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its holdings in shares of Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock worth $2,749,000 after acquiring an additional 226 shares during the last quarter. Sound Income Strategies LLC lifted its position in 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 acquiring an additional 232 shares in the last quarter. Finally, L2 Asset Management LLC lifted its position in Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company's stock valued at $264,000 after acquiring an additional 248 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

Fastenal stock opened at $50.31 on Wednesday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company's 50 day moving average price is $48.15 and its two-hundred day moving average price is $46.43. The stock has a market cap of $57.73 billion, a P/E ratio of 42.64, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $0.29 earnings per share. On average, equities analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

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

Insiders Place Their Bets

In other news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director directly owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at $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. Insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

FAST has been the subject of a number of analyst reports. Robert W. Baird set a $54.00 price target on Fastenal in a research note on Friday, August 7th. Weiss Ratings lowered Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Finally, Barclays lowered their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $49.17.

Fastenal Company 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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source