Fastenal Company (NASDAQ:FAST) Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Fastenal by 5.4%, owning 243,327 shares worth approximately $18.8 million.
• A significant number of institutional investors have recently made substantial purchases in Fastenal, with total institutional ownership at 81.38%.
• Fastenal reported an earnings per share of $0.29 for the latest quarter, exceeding analysts' expectations and marking an 8.6% year-over-year revenue increase.

Resona Asset Management Co. Ltd. raised its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 5.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 243,327 shares of the company's stock after buying an additional 12,508 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Fastenal were worth $18,800,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Horizon Financial Services LLC boosted its position in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares during the period. Itau Unibanco Holding S.A. boosted its position in shares of Fastenal by 481.9% during the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock worth $44,000 after purchasing an additional 506 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of Fastenal during the 1st quarter worth approximately $49,000. TruNorth Capital Management LLC purchased a new position in shares of Fastenal during the 1st quarter worth approximately $57,000. Finally, Golden State Wealth Management LLC boosted its position in shares of Fastenal by 5,661.5% during the 1st quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after purchasing an additional 736 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FAST shares. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research report on Thursday, July 3rd. JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Stephens upped their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average target price of $46.36.

Insider Buying and Selling at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 137,112 shares of company stock worth $6,304,410 over the last three months. Insiders own 0.37% of the company's stock.

Fastenal Stock Up 1.3%

Shares of Fastenal stock opened at $48.45 on Wednesday. Fastenal Company has a 52-week low of $32.04 and a 52-week high of $48.54. The company has a 50 day moving average of $44.10 and a 200 day moving average of $40.67. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $55.60 billion, a P/E ratio of 46.59, a P/E/G ratio of 4.36 and a beta of 0.95.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The firm's quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, July 29th. Fastenal's dividend payout ratio is currently 84.62%.

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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