AMF Tjanstepension AB Buys 339,003 Shares of Fastenal Company $FAST

Key Points

• AMF Tjanstepension AB has increased its stake in Fastenal Company by 100%, acquiring an additional 339,003 shares to total 678,006 shares, valued at approximately $28.5 million.
• Fastenal's stock has a market cap of $54.95 billion and recently reported earnings of $0.29 per share, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.22 per share, resulting in an annualized dividend yield of 1.8%, while 81.38% of its stock is held by institutional investors.

AMF Tjanstepension AB lifted its position in Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 678,006 shares of the company's stock after purchasing an additional 339,003 shares during the quarter. AMF Tjanstepension AB owned about 0.06% of Fastenal worth $28,489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FAST. 1248 Management LLC bought a new stake in Fastenal in the 1st quarter worth approximately $36,000. Horizon Financial Services LLC grew its holdings in shares of Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after purchasing an additional 533 shares in the last quarter. Riverview Trust Co grew its holdings in shares of Fastenal by 100.0% in the second quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after purchasing an additional 292 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in Fastenal in the first quarter worth $49,000. Finally, Hilltop National Bank purchased a new stake in Fastenal during the second quarter valued at $27,000. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Down 0.6%

Shares of NASDAQ:FAST opened at $47.88 on Friday. The firm has a market capitalization of $54.95 billion, a PE ratio of 46.04, a price-to-earnings-growth ratio of 4.37 and a beta of 0.94. The business has a 50 day simple moving average of $48.18 and a two-hundred day simple moving average of $43.56. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the company earned $0.25 EPS. Fastenal's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's payout ratio is currently 84.62%.

Wall Street Analysts Forecast Growth

FAST has been the topic of a number of research reports. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a research report on Thursday, July 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fastenal in a research note on Saturday, September 27th. Finally, Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $46.82.

Insider Activity at Fastenal

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer directly owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,230 shares of company stock valued at $5,288,364. Company insiders own 0.37% 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.

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