PensionDanmark Pensionsforsikringsaktieselskab Purchases 23,300 Shares of Fastenal Company $FAST

Key Points

• PensionDanmark increased its Fastenal position by 11.5% in the second quarter, adding 23,300 shares to hold 225,652 shares valued at approximately $10.8 million. Institutional investors collectively own 81.38% of Fastenal.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while earnings per share matched estimates at $0.33. The company also raised its quarterly dividend from $0.24 to $0.26 per share, representing a 2.0% annualized yield.
• Fastenal shares opened at $51.84, near their 52-week high of $51.90, while analysts maintain a consensus “Hold” rating with an average price target of $49.17.

PensionDanmark Pensionsforsikringsaktieselskab grew its position in Fastenal Company (NASDAQ:FAST - Free Report) by 11.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 225,652 shares of the company's stock after acquiring an additional 23,300 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab's holdings in Fastenal were worth $10,838,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its stake in shares of Fastenal by 123.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 534,592 shares of the company's stock worth $25,676,000 after purchasing an additional 295,047 shares during the period. Armstrong Henry H Associates Inc. raised its position in Fastenal by 2.6% in the 2nd quarter. Armstrong Henry H Associates Inc. now owns 270,143 shares of the company's stock worth $12,975,000 after purchasing an additional 6,869 shares during the period. 55 North Private Wealth LLC purchased a new stake in Fastenal in the 2nd quarter worth about $219,000. GAMMA Investing LLC lifted its stake in Fastenal by 10.7% in the second quarter. GAMMA Investing LLC now owns 80,800 shares of the company's stock worth $3,881,000 after purchasing an additional 7,815 shares during the last quarter. Finally, Avior Wealth Management LLC bought a new stake in Fastenal in the second quarter worth about $245,000. Institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

Fastenal stock opened at $51.84 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The stock has a market cap of $59.49 billion, a price-to-earnings ratio of 43.93, a price-to-earnings-growth ratio of 3.17 and a beta of 0.72. The firm has a 50-day moving average of $46.87 and a two-hundred day moving average of $45.83. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $51.90.

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

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio (DPR) is 88.14%.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of Fastenal 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 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction on 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 sale, the director owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. DA Davidson reaffirmed a "neutral" rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Barclays dropped their price objective on 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 downgraded Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Finally, Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $49.17.

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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