Nuveen LLC Invests $119.14 Million in Fastenal Company (NASDAQ:FAST)

Key Points

• Nuveen LLC has invested approximately $119.14 million in Fastenal Company, acquiring over 1.5 million shares, representing a 0.27% ownership stake.
• Analysts have recently upgraded Fastenal's stock rating, with Robert W. Baird raising the target price from $47.00 to $55.00, and others also increasing their price targets.
• Fastenal's quarterly dividend will be $0.22 per share with a yield of 1.8%, though its dividend payout ratio is currently at 84.62%.

Nuveen LLC bought a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,536,253 shares of the company's stock, valued at approximately $119,136,000. Nuveen LLC owned approximately 0.27% of Fastenal at the end of the most recent quarter.

A number of other large investors have also modified their holdings of FAST. Vanguard Group Inc. raised its stake in Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock worth $5,685,754,000 after acquiring an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after acquiring an additional 1,850,871 shares in the last quarter. Baird Financial Group Inc. raised its stake in Fastenal by 0.9% during the fourth quarter. Baird Financial Group Inc. now owns 8,275,793 shares of the company's stock worth $595,112,000 after acquiring an additional 74,903 shares in the last quarter. Northern Trust Corp raised its stake in Fastenal by 15.2% during the fourth quarter. Northern Trust Corp now owns 7,322,739 shares of the company's stock worth $526,578,000 after acquiring an additional 966,629 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in Fastenal by 1.7% during the fourth quarter. Royal Bank of Canada now owns 7,018,546 shares of the company's stock worth $504,703,000 after acquiring an additional 116,866 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FAST shares. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and raised their target price for the company from $47.00 to $55.00 in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Wolfe Research restated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Stephens raised their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $46.36.

Insiders Place Their Bets

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold 137,112 shares of company stock worth $6,304,410 in the last 90 days. Company insiders own 0.37% of the company's stock.

Fastenal Trading Up 1.3%

NASDAQ FAST opened at $48.45 on Wednesday. The company has a market cap of $55.60 billion, a PE ratio of 46.59, a PEG ratio of 4.36 and a beta of 0.95. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12 month low of $32.04 and a 12 month high of $48.54. The stock has a 50 day moving average of $44.10 and a 200-day moving average of $40.67.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. 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 prior year, the firm posted $0.25 EPS. The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 annualized dividend and a yield of 1.8%. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Fastenal Profile

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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