Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 173,333 shares of the company's stock, valued at approximately $8,325,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC raised its position in 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 purchasing an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. boosted its stake in Fastenal by 1.8% during the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock worth $573,000 after purchasing an additional 224 shares during the period. Sittner & Nelson LLC grew its position 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 purchasing an additional 226 shares during the last quarter. Sound Income Strategies LLC grew its position in Fastenal by 12.9% during the 1st 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 grew its position in Fastenal by 4.8% during the 3rd 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. Hedge funds and other institutional investors own 81.38% of the company's stock.
Fastenal Stock Performance
Shares of FAST opened at $51.26 on Friday. The stock has a market capitalization of $58.82 billion, a P/E ratio of 43.44, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The company's fifty day moving average is $47.96 and its two-hundred day moving average is $46.37.
Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate 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 net margin of 15.45% and a return on equity of 34.03%. The business's revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the business earned $0.29 EPS. On average, sell-side analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.
Fastenal Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a $0.26 dividend. The ex-dividend date 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 payout ratio is 88.14%.
Insider Buying and Selling
In related news, Director Rita J. Heise sold 34,964 shares of the company's stock in a transaction on 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 transaction, the director owned 20,000 shares of the company's stock, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company's stock, valued at $2,875,810. The trade was a 4.86% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on FAST shares. DA Davidson reaffirmed a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, July 15th. Sanford C. Bernstein reissued an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a "buy" rating in a research report on Monday, July 13th. Robert W. Baird set a $54.00 price target on Fastenal in a research report on Friday, August 7th. Finally, 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. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Fastenal currently has a consensus rating of "Hold" and an average price target of $49.17.
Check Out Our Latest Stock Report on Fastenal
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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