Fastenal (NASDAQ:FAST) Position Increased by Tredje AP fonden

Tredje AP fonden lifted its holdings in Fastenal (NASDAQ:FAST) by 273.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 271,419 shares of the company’s stock after purchasing an additional 198,818 shares during the period. Tredje AP fonden’s holdings in Fastenal were worth $17,056,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Penobscot Investment Management Company Inc. boosted its stake in Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock valued at $1,030,000 after buying an additional 150 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in shares of Fastenal by 0.8% in the 4th quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock worth $1,237,000 after purchasing an additional 152 shares in the last quarter. Sara Bay Financial lifted its stake in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock valued at $746,000 after purchasing an additional 155 shares during the last quarter. Trueblood Wealth Management LLC boosted its holdings in Fastenal by 1.4% during the second quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after buying an additional 156 shares in the last quarter. Finally, Team Hewins LLC grew its position in Fastenal by 4.8% in the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after buying an additional 157 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Trading Up 0.7 %

NASDAQ:FAST opened at $70.59 on Wednesday. The stock has a market cap of $40.42 billion, a PE ratio of 35.12, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. Fastenal has a fifty-two week low of $53.83 and a fifty-two week high of $79.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. The stock’s 50-day moving average is $67.66 and its two-hundred day moving average is $68.48.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the business earned $0.52 EPS. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.21%. Fastenal’s dividend payout ratio is 77.61%.

Insider Activity at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Daniel L. Florness sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FAST shares. Morgan Stanley initiated coverage on Fastenal in a research note on Friday, September 6th. They set an “equal weight” rating and a $72.00 price objective for the company. Stephens reiterated an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Stifel Nicolaus restated a “buy” rating and set a $80.00 price objective (down previously from $85.00) on shares of Fastenal in a report on Monday, July 15th. Finally, Jefferies Financial Group reduced their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $67.43.

Fastenal 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.