Nykredit A S Makes New Investment in Fastenal Company $FAST

Key Points

• Nykredit A/S acquired 256,186 Fastenal shares during the second quarter, valued at approximately $12.3 million. Institutional investors collectively own 81.38% of the company.
• Analyst sentiment remains mixed, with six Buy, five Hold, and two Sell ratings. Fastenal has an average rating of “Hold” and a consensus price target of $49.17.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while EPS matched estimates at $0.33. The company also increased its quarterly dividend to $0.26 per share, although directors recently sold shares.

Nykredit A S acquired a new stake in Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 256,186 shares of the company's stock, valued at approximately $12,305,000.

A number of other institutional investors also recently modified their holdings of FAST. Integrated Wealth Concepts LLC raised its position in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after purchasing an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. lifted its holdings in Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock worth $573,000 after buying an additional 224 shares during the period. Sittner & Nelson LLC grew its position in shares of Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock worth $2,749,000 after buying an additional 226 shares during the last quarter. Sound Income Strategies LLC increased its stake in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after buying an additional 232 shares during the period. Finally, Pure Financial Advisors LLC increased its stake in shares of Fastenal by 3.4% during the second quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company's stock valued at $344,000 after buying an additional 235 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FAST has been the subject of a number of research analyst reports. DA Davidson reaffirmed a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a report on Friday, August 7th. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Morgan Stanley lifted their target price on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Finally, Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a "buy" rating in a research note on Monday, July 13th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $49.17.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $49.60 on Friday. The company has a 50 day simple moving average of $48.71 and a two-hundred day simple moving average of $46.59. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The company has a market capitalization of $56.92 billion, a price-to-earnings ratio of 42.03, a P/E/G ratio of 3.07 and a beta of 0.72. 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 posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. Analysts expect 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. Stockholders of record on Tuesday, July 28th were paid a $0.26 dividend. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal's payout ratio is currently 88.14%.

Insiders Place Their Bets

In other news, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael 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 value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company's stock.

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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