Mitsubishi UFJ Asset Management Co. Ltd. Purchases 129,443 Shares of Fastenal Company $FAST

Key Points

• Mitsubishi UFJ Asset Management increased its Fastenal stake by 5.2% in the fourth quarter, buying 129,443 shares and bringing its total holding to 2,619,249 shares worth about $105.9 million.
• Fastenal’s recent quarterly results were in line with expectations, with EPS of $0.30 and revenue of $2.20 billion, while sales rose 12.4% year over year.
• The company announced a quarterly dividend of $0.24 per share, payable May 26, which implies an annualized yield of about 2.2%; meanwhile, analysts still have a consensus rating of Hold with a $49.77 price target.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Fastenal Company (NASDAQ:FAST - Free Report) by 5.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,619,249 shares of the company's stock after buying an additional 129,443 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.23% of Fastenal worth $105,922,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. REAP Financial Group LLC bought a new position in Fastenal in the 3rd quarter worth $30,000. First Horizon Corp bought a new position in shares of Fastenal during the 3rd quarter valued at about $33,000. Manning & Napier Advisors LLC bought a new position in shares of Fastenal during the 3rd quarter valued at about $35,000. Westfuller Advisors LLC bought a new position in shares of Fastenal during the 3rd quarter valued at about $36,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of Fastenal during the 3rd quarter valued at about $36,000. Institutional investors own 81.38% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on FAST shares. UBS Group restated a "neutral" rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, April 9th. Wolfe Research decreased their target price on shares of Fastenal from $46.00 to $45.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 14th. Barclays upped their target price on shares of Fastenal from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Finally, Morgan Stanley restated a "positive" rating and set a $45.00 target price on shares of Fastenal in a research report on Thursday, March 5th. 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. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $49.77.

Fastenal Stock Performance

Shares of FAST stock opened at $44.36 on Friday. The firm has a market cap of $50.93 billion, a price-to-earnings ratio of 38.91, a PEG ratio of 2.85 and a beta of 0.75. The company's 50 day moving average is $45.63 and its 200 day moving average is $43.62. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. Fastenal's revenue was up 12.4% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. On average, sell-side analysts anticipate that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's dividend payout ratio (DPR) is presently 84.21%.

Insider Transactions at Fastenal

In related news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director directly owned 40,000 shares of the company's stock, valued at $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.28% of the stock is currently owned by insiders.

Fastenal 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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