Asset Management One Co. Ltd. Raises Holdings in Fastenal Company $FAST

Key Points

• Asset Management One Co. Ltd. increased its holdings in Fastenal Company by 99.2% in the second quarter, owning a total of 528,386 shares valued at $22.19 million by the end of the period.
• Fastenal reported a quarterly EPS of $0.29, missing analysts' expectations, despite achieving a revenue of $2.13 billion, marking an 11.7% increase compared to the previous year.
• The company declared a quarterly dividend of $0.22 per share, reflecting an annualized yield of 2.1%, with a dividend payout ratio of 82.24%.

Asset Management One Co. Ltd. raised its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 99.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 528,386 shares of the company's stock after purchasing an additional 263,075 shares during the period. Asset Management One Co. Ltd.'s holdings in Fastenal were worth $22,192,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund boosted its stake in Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after purchasing an additional 130 shares during the last quarter. Welch & Forbes LLC boosted its stake in Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock valued at $2,559,000 after purchasing an additional 135 shares during the last quarter. Principal Securities Inc. boosted its stake in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company's stock valued at $1,142,000 after purchasing an additional 140 shares during the last quarter. Essex Financial Services Inc. boosted its stake in Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock valued at $688,000 after purchasing an additional 147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC boosted its holdings in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after purchasing an additional 147 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of FAST opened at $42.87 on Friday. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The business has a 50-day simple moving average of $47.27 and a two-hundred day simple moving average of $44.25. The stock has a market cap of $49.22 billion, a price-to-earnings ratio of 40.07, a PEG ratio of 3.91 and a beta of 0.94. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business's quarterly revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS. On average, analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal's dividend payout ratio is presently 82.24%.

Insider Buying and Selling

In related news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,178 shares of company stock worth $4,336,603. Corporate insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wolfe Research restated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a report on Thursday, July 3rd. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Northcoast Research assumed coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a "neutral" rating on the stock. Finally, Stephens raised their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Fastenal currently has a consensus rating of "Hold" and an average price target of $46.50.

About Fastenal

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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