Guggenheim Capital LLC Raises Stake in Fastenal Company $FAST

Guggenheim Capital LLC raised its stake in shares of Fastenal Company (NASDAQ:FAST) by 139.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 497,601 shares of the company’s stock after buying an additional 289,793 shares during the quarter. Guggenheim Capital LLC’s holdings in Fastenal were worth $20,899,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FAST. Vanguard Group Inc. boosted its holdings in Fastenal by 103.5% in the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after purchasing an additional 75,852,223 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Fastenal by 103.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after buying an additional 23,380,022 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Fastenal by 103.8% in the 2nd quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after buying an additional 18,329,847 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Fastenal by 87.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after buying an additional 16,308,254 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Fastenal by 141.9% during the 2nd quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock worth $670,898,000 after acquiring an additional 9,370,909 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Shares of Fastenal stock opened at $41.75 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The business’s 50 day simple moving average is $42.66 and its two-hundred day simple moving average is $44.37. The stock has a market capitalization of $47.93 billion, a P/E ratio of 39.02, a price-to-earnings-growth ratio of 3.45 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the company posted $0.26 EPS. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th were given a $0.22 dividend. The ex-dividend date was Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s payout ratio is presently 82.24%.

Insider Activity

In other Fastenal news, Director Sarah N. Nielsen purchased 1,000 shares of Fastenal stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director directly owned 10,000 shares in the company, valued at $495,800. The trade was a 11.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have bought 3,000 shares of company stock valued at $131,630. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Robert W. Baird reduced their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. JPMorgan Chase & Co. increased their price objective on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They issued a “neutral” rating for the company. Sanford C. Bernstein began coverage on shares of Fastenal in a research report on Tuesday, November 11th. They set an “underperform” rating and a $38.00 price target on the stock. Finally, Barclays lowered their price objective on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $46.32.

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.