The Manufacturers Life Insurance Company Lowers Stake in Fastenal (NASDAQ:FAST)

The Manufacturers Life Insurance Company lowered its stake in shares of Fastenal (NASDAQ:FAST) by 19.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 552,205 shares of the company’s stock after selling 134,339 shares during the period. The Manufacturers Life Insurance Company’s holdings in Fastenal were worth $27,765,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Sowell Financial Services LLC increased its position in shares of Fastenal by 58.6% during the fourth quarter. Sowell Financial Services LLC now owns 12,196 shares of the company’s stock worth $596,000 after purchasing an additional 4,505 shares in the last quarter. First Midwest Bank Trust Division increased its position in shares of Fastenal by 12.8% in the 4th quarter. First Midwest Bank Trust Division now owns 5,565 shares of the company’s stock valued at $272,000 after acquiring an additional 631 shares during the period. Clarius Group LLC acquired a new position in shares of Fastenal in the 4th quarter valued at $252,000. Patriot Financial Group Insurance Agency LLC increased its position in shares of Fastenal by 80.6% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 2,688 shares of the company’s stock valued at $131,000 after acquiring an additional 1,200 shares during the period. Finally, DNB Asset Management AS increased its position in shares of Fastenal by 5.3% in the 4th quarter. DNB Asset Management AS now owns 129,576 shares of the company’s stock valued at $6,327,000 after acquiring an additional 6,566 shares during the period. Institutional investors own 77.13% of the company’s stock.

Shares of FAST opened at $53.90 on Monday. The business’s 50-day moving average is $51.50 and its two-hundred day moving average is $48.69. The company has a market capitalization of $30.96 billion, a P/E ratio of 36.92, a P/E/G ratio of 3.69 and a beta of 1.21. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 4.39. Fastenal has a fifty-two week low of $38.05 and a fifty-two week high of $54.32.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, April 12th. The company reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. Fastenal had a net margin of 15.12% and a return on equity of 30.63%. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company posted $0.35 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Analysts forecast that Fastenal will post 1.47 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 25th. Investors of record on Monday, April 26th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date is Friday, April 23rd. Fastenal’s dividend payout ratio is presently 81.16%.

In related news, Director Stephen L. Eastman purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 5th. The shares were purchased at an average cost of $44.63 per share, with a total value of $44,630.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeffery Michael Watts sold 31,000 shares of the firm’s stock in a transaction dated Monday, March 15th. The shares were sold at an average price of $48.20, for a total transaction of $1,494,200.00. Following the completion of the transaction, the insider now directly owns 31,000 shares in the company, valued at $1,494,200. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.

Several equities analysts recently issued reports on FAST shares. Morgan Stanley upped their target price on Fastenal from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 20th. Robert W. Baird upped their target price on Fastenal from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, April 14th. Finally, Zacks Investment Research downgraded Fastenal from a “hold” rating to a “sell” rating and set a $54.00 target price on the stock. in a research report on Monday, April 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $48.56.

Fastenal Company 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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