Amundi Has $217.17 Million Stock Holdings in Fastenal Company $FAST

Key Points

• Amundi increased its Fastenal stake by 10.7% in the second quarter, holding 4.52 million shares worth approximately $217.2 million. Institutional investors and hedge funds collectively own 81.38% of the company.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $49.17; individual targets range from $46 to $55.
• Fastenal reported second-quarter EPS of $0.33 and revenue of $2.39 billion, exceeding revenue expectations, while raising its quarterly dividend from $0.24 to $0.26 per share.

Amundi increased its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 10.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,521,630 shares of the company's stock after acquiring an additional 436,728 shares during the period. Amundi owned about 0.39% of Fastenal worth $217,173,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in shares of Fastenal by 2.4% in the 1st 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. High Net Worth Advisory Group LLC boosted its stake in Fastenal by 2.4% during the 2nd quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company's stock valued at $433,000 after purchasing an additional 214 shares during the last quarter. Tandem Investment Advisors Inc. raised its position in 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. Sittner & Nelson LLC boosted its holdings in Fastenal by 0.3% during 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. Finally, Sound Income Strategies LLC grew its stake 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 worth $94,000 after acquiring an additional 232 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Michael J. Ancius sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rita Heise sold 34,964 shares of the stock in a transaction dated 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 owned 20,000 shares of the company's stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on FAST. Morgan Stanley increased their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Wolfe Research reissued an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Barclays reduced their target price on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. Six equities research 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, the company presently has a consensus rating of "Hold" and an average price target of $49.17.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $49.38 on Wednesday. The stock has a market cap of $56.66 billion, a P/E ratio of 41.85, a P/E/G ratio of 3.09 and a beta of 0.72. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The company has a 50 day moving average of $48.78 and a 200 day moving average of $46.64. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion for 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%.The firm's revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. As a group, sell-side analysts forecast that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed 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. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fastenal's dividend payout ratio is currently 88.14%.

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.

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