Assenagon Asset Management S.A. Increases Holdings in Fastenal Company $FAST

Key Points

• Assenagon Asset Management increased its Fastenal stake by 123.2% in the second quarter, adding 295,047 shares to own 534,592 shares valued at approximately $25.7 million. Institutional investors collectively own 81.38% of Fastenal.
• Fastenal reported second-quarter EPS of $0.33, in line with estimates, while revenue rose 14.7% year over year to $2.39 billion. Shares opened at $51.84, near their 52-week high of $51.90.
• The company raised its quarterly dividend from $0.24 to $0.26 per share, implying an annualized dividend of $1.04 and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $49.17.

Assenagon Asset Management S.A. boosted its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 123.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 534,592 shares of the company's stock after purchasing an additional 295,047 shares during the period. Assenagon Asset Management S.A.'s holdings in Fastenal were worth $25,676,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wiregrass Investment Management LLC bought a new position in Fastenal during the 4th quarter valued at $1,020,000. LBP AM SA increased its position in shares of Fastenal by 11.8% in the 4th quarter. LBP AM SA now owns 232,847 shares of the company's stock worth $9,344,000 after purchasing an additional 24,536 shares during the last quarter. Swiss Life Asset Management Ltd lifted its holdings in Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company's stock worth $59,874,000 after buying an additional 39,406 shares during the last quarter. Fideuram Asset Management Ireland dac acquired a new position in shares of Fastenal in the 4th quarter worth approximately $4,041,000. Finally, National Pension Service raised its holdings in shares of Fastenal by 2.9% during the fourth quarter. National Pension Service now owns 1,603,839 shares of the company's stock worth $64,362,000 after purchasing an additional 45,260 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analyst Weigh In

FAST has been the subject of several research reports. Bank of America lifted their price target on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the company a "buy" rating in a research note on Monday, July 13th. Sanford C. Bernstein reissued an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. DA Davidson reiterated a "neutral" rating and issued a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Morgan Stanley lifted their price target on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average target price of $49.17.

Insider Transactions at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by insiders.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $51.84 on Monday. The company has a 50 day moving average of $46.87 and a 200-day moving average of $45.84. The firm has a market cap of $59.49 billion, a P/E ratio of 43.93, a P/E/G ratio of 3.24 and a beta of 0.72. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $51.90. 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 posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.34 billion. During the same period last year, the firm posted $0.29 earnings per share. The business's revenue was up 14.7% on a year-over-year basis. As a group, analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal's dividend payout ratio is presently 88.14%.

Fastenal 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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