Northwestern Mutual Wealth Management Co. acquired a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 89,045 shares of the company's stock, valued at approximately $4,277,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Fastenal in the 2nd quarter valued at about $5,105,454,000. State Street Corp boosted its stake in Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 54,734,674 shares of the company's stock worth $2,196,502,000 after acquiring an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company's stock worth $1,898,031,000 after acquiring an additional 919,158 shares during the last quarter. Geode Capital Management LLC grew its holdings in Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company's stock valued at $1,508,216,000 after purchasing an additional 685,047 shares during the period. Finally, Invesco Ltd. grew its holdings in Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company's stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. Institutional investors own 81.38% of the company's stock.
Fastenal Price Performance
Fastenal stock opened at $51.26 on Monday. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The company has a fifty day simple moving average of $47.96 and a 200 day simple moving average of $46.38. The company has a market cap of $58.82 billion, a P/E ratio of 43.44, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72.
Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion for the quarter, compared to analysts' expectations of $2.34 billion. During the same period in the previous year, the firm posted $0.29 EPS. The company's revenue for the quarter was up 14.7% on a year-over-year basis. Research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current fiscal 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 represents a $1.04 annualized dividend and a yield of 2.0%. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's payout ratio is currently 88.14%.
Analysts Set New Price Targets
Several equities research analysts have weighed in on FAST shares. Wolfe Research reiterated an "underperform" rating and issued a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Barclays decreased 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. Weiss Ratings cut shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. DA Davidson reaffirmed a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $49.17.
Get Our Latest Stock Analysis on Fastenal
Insider Buying and Selling
In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rita J. Heise sold 34,964 shares of the company'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 in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.
Fastenal Profile
(
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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