Legal & General Group Plc Makes New $410.92 Million Investment in Fastenal Company $FAST

Key Points

• Legal & General Group Plc acquired 8.56 million Fastenal shares worth approximately $410.9 million, giving it a 0.75% stake. Institutional investors and hedge funds collectively own 81.38% of the company.
• Analyst sentiment remains mixed, with Fastenal receiving an average “Hold” rating and a consensus price target of $49.17. Recent targets ranged from $46 to $55.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while EPS of $0.33 matched estimates. The company also raised its quarterly dividend to $0.26, implying a 2.1% annualized yield.

Legal & General Group Plc acquired a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,555,462 shares of the company's stock, valued at approximately $410,919,000. Legal & General Group Plc owned 0.75% of Fastenal at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Elyxium Wealth LLC acquired a new position in Fastenal during the 4th quarter worth $25,000. Palladiem LLC purchased a new stake in Fastenal during the 4th quarter worth about $25,000. Evergreen Advisors LLC acquired a new stake in Fastenal in the 1st quarter valued at about $26,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Fastenal in the 2nd quarter valued at about $26,000. Finally, MV Capital Management Inc. purchased a new position in shares of Fastenal in the 4th quarter valued at about $29,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FAST has been the topic of a number of recent research reports. DA Davidson restated a "neutral" rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Weiss Ratings downgraded shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Barclays lowered their price target on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research report on Friday, August 7th. Finally, Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a "buy" rating in a report on Monday, July 13th. Five equities 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $49.17.

Insider Buying and Selling at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rita J. Heise sold 34,964 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares of the company's stock, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $50.31 on Wednesday. The stock's 50-day simple moving average is $48.15 and its 200-day simple moving average is $46.43. The firm has a market capitalization of $57.73 billion, a PE ratio of 42.64, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two 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.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the company posted $0.29 earnings per share. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. As a group, equities research analysts forecast that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were given a $0.26 dividend. This is a positive change from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal's payout ratio is 88.14%.

About Fastenal

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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