E Fund Management Co. Ltd. Invests $2.12 Million in Fastenal Company $FAST

Key Points

• E Fund Management purchased 44,231 Fastenal shares valued at approximately $2.12 million in the second quarter. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, in line with estimates, while revenue of $2.39 billion exceeded expectations and rose 14.7% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $49.17.
• Fastenal increased its quarterly dividend from $0.24 to $0.26 per share, equivalent to a $1.04 annualized dividend and a 2.0% yield.

E Fund Management Co. Ltd. purchased a new stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 44,231 shares of the company's stock, valued at approximately $2,124,000.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Fastenal in the second quarter valued at $5,105,454,000. Bank of New York Mellon Corp purchased a new stake in Fastenal during the second quarter valued at $859,310,000. Norges Bank purchased a new stake in Fastenal during the fourth quarter valued at $646,046,000. Wellington Management Group LLP lifted its position in Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company's stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Fastenal by 106.1% during the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on FAST. Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. Barclays lowered 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. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. DA Davidson reissued a "neutral" rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a "buy" rating in a report on Monday, July 13th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $49.17.

Fastenal Price Performance

Shares of FAST stock opened at $51.44 on Thursday. The stock has a 50 day moving average price of $47.78 and a 200 day moving average price of $46.28. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm has a market capitalization of $59.03 billion, a P/E ratio of 43.59, a P/E/G ratio of 3.20 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released 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. 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 firm's quarterly revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 EPS. As a group, sell-side analysts predict that Fastenal Company will post 1.26 earnings per share for the current 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 given a dividend of $0.26 per share. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. Fastenal's dividend payout ratio (DPR) is 88.14%.

Insider Buying and Selling

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 business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value 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 trade represents a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company's stock.

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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