Bank of New York Mellon Corp acquired a new position in Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 17,891,109 shares of the company's stock, valued at approximately $859,310,000. Bank of New York Mellon Corp owned about 1.56% of Fastenal as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its stake in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after acquiring an additional 147 shares during the period. Tandem Investment Advisors Inc. boosted 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 valued at $573,000 after acquiring an additional 224 shares during the last quarter. Sittner & Nelson LLC increased its stake in shares of Fastenal by 0.3% in the fourth 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 period. Sound Income Strategies LLC raised its holdings in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock worth $94,000 after purchasing an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC raised its holdings in shares of Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company's stock worth $264,000 after purchasing an additional 248 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.
Fastenal Price Performance
NASDAQ:FAST opened at $50.66 on Friday. 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 Company has a 52 week low of $38.97 and a 52 week high of $52.92. The stock's 50-day moving average price is $47.86 and its 200-day moving average price is $46.33. The stock has a market capitalization of $58.13 billion, a PE ratio of 42.93, a price-to-earnings-growth ratio of 3.21 and a beta of 0.72.
Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal's quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 EPS. As a group, equities analysts expect that Fastenal Company will post 1.26 EPS for the current fiscal year.
Fastenal Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is 88.14%.
Insiders Place Their Bets
In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, 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 SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on FAST. Morgan Stanley boosted their target price on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. Barclays reduced their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. DA Davidson restated a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a "buy" rating in a research note on Monday, July 13th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $49.17.
View Our Latest Stock Report on FAST
About Fastenal
(
Free Report)
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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