Sumitomo Mitsui Trust Holdings Inc. Purchases 60,689 Shares of Fastenal (NASDAQ:FAST)

Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Fastenal (NASDAQ:FAST) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,594,140 shares of the company’s stock after buying an additional 60,689 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.28% of Fastenal worth $122,972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Morgan Stanley increased its stake in shares of Fastenal by 4.1% in the 3rd quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock worth $468,957,000 after purchasing an additional 337,168 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Fastenal by 15.2% in the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after acquiring an additional 1,043,529 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Fastenal by 9.3% in the 3rd quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock valued at $363,445,000 after acquiring an additional 568,372 shares during the last quarter. Norges Bank bought a new stake in Fastenal in the fourth quarter worth about $405,513,000. Finally, Envestnet Asset Management Inc. lifted its stake in Fastenal by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock worth $310,931,000 after purchasing an additional 109,028 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

FAST traded up $0.10 on Wednesday, reaching $62.86. The stock had a trading volume of 280,758 shares, compared to its average volume of 3,712,044. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a current ratio of 4.83, a quick ratio of 2.49 and a debt-to-equity ratio of 0.06. The business’s 50-day moving average price is $65.73 and its two-hundred day moving average price is $68.64. The company has a market cap of $35.99 billion, a P/E ratio of 31.07, a price-to-earnings-growth ratio of 3.36 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the firm posted $0.52 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Sell-side analysts forecast that Fastenal will post 2.08 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th were issued a $0.39 dividend. The ex-dividend date of this dividend was Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a yield of 2.48%. Fastenal’s payout ratio is 77.23%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Loop Capital reduced their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Robert W. Baird lowered their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. HSBC lifted their price objective on shares of Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus boosted their target price on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $68.80.

Insider Transactions at Fastenal

In related news, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Fastenal news, EVP James C. Jansen sold 11,428 shares of the business’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the transaction, the executive vice president now directly owns 26,176 shares in the company, valued at approximately $1,677,096.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hsenghung Sam Hsu bought 500 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. Corporate insiders own 0.41% of the company’s stock.

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