Russell Investments Group Ltd. Has $82.09 Million Position in Fastenal Company $FAST

Key Points

• Russell Investments boosted its Fastenal stake by 7.4% to 1,674,560 shares (about $82.09 million), representing roughly 0.15% of the company.
• Insider selling: Director Reyne K. Wisecup sold 36,920 shares and Director Scott Satterlee sold 15,964 shares, leaving company insiders with about 0.28% ownership.
• Outlook and payouts: Fastenal reported Q EPS of $0.26 (in line) with 11.1% revenue growth, analysts hold a consensus "Hold" with a $48.83 average target, and the company raised its quarterly dividend to $0.24 (≈2.1% yield).

Russell Investments Group Ltd. lifted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 7.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,674,560 shares of the company's stock after acquiring an additional 115,082 shares during the period. Russell Investments Group Ltd. owned approximately 0.15% of Fastenal worth $82,088,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company's stock valued at $7,430,322,000 after buying an additional 2,346,045 shares in the last quarter. National Pension Service grew its position in Fastenal by 3.6% in the third quarter. National Pension Service now owns 1,558,579 shares of the company's stock valued at $76,433,000 after acquiring an additional 53,888 shares during the last quarter. Nordea Investment Management AB raised its stake in Fastenal by 6.3% during the third quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company's stock worth $181,626,000 after acquiring an additional 219,154 shares in the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Fastenal by 7,923.2% during the third quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company's stock worth $62,222,000 after acquiring an additional 1,252,981 shares in the last quarter. Finally, BlueStem Wealth Partners LLC bought a new position in shares of Fastenal in the third quarter worth about $634,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction 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 owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the business's stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. This represents a 24.20% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FAST shares. Wolfe Research raised their price target on shares of Fastenal from $42.00 to $43.00 and gave the company an "underperform" rating in a research note on Friday, February 27th. Morgan Stanley reissued a "positive" rating and issued a $45.00 price objective on shares of Fastenal in a research note on Thursday. Benchmark restated a "buy" rating on shares of Fastenal in a research report on Thursday. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the stock a "buy" rating in a research note on Monday, December 15th. Finally, Raymond James Financial set a $48.00 price target on shares of Fastenal in a report on Thursday. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average target price of $48.83.

Fastenal Stock Performance

NASDAQ:FAST opened at $46.80 on Tuesday. The stock's 50-day moving average is $44.47 and its 200-day moving average is $44.22. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The stock has a market cap of $53.74 billion, a P/E ratio of 42.55, a price-to-earnings-growth ratio of 2.96 and a beta of 0.88.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter last year, the business earned $0.46 EPS. The firm's quarterly revenue was up 11.1% on a year-over-year basis. Equities research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, January 29th. This is an increase from Fastenal's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Fastenal's payout ratio is 87.27%.

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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