Cerity Partners LLC Acquires 186,261 Shares of Fastenal Company $FAST

Cerity Partners LLC raised its position in Fastenal Company (NASDAQ:FAST) by 91.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 390,052 shares of the company’s stock after acquiring an additional 186,261 shares during the period. Cerity Partners LLC’s holdings in Fastenal were worth $16,388,000 as of its most recent filing with the SEC.

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

Fastenal Stock Down 1.1%

Shares of NASDAQ FAST opened at $40.34 on Wednesday. The stock has a 50-day moving average price of $42.18 and a two-hundred day moving average price of $44.42. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The company has a market cap of $46.31 billion, a price-to-earnings ratio of 37.70, a PEG ratio of 3.25 and a beta of 0.89.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 EPS 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 firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the business posted $0.26 earnings per share. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is 82.24%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Robert W. Baird lowered 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. Sanford C. Bernstein began coverage on Fastenal in a research note on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 price target for the company. Northcoast Research initiated coverage on Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating on the stock. Finally, Barclays dropped their target price on Fastenal from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average price target of $46.70.

Insider Buying and Selling

In other Fastenal news, Director Sarah N. Nielsen bought 1,000 shares of the business’s 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 transaction, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was acquired at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This trade represents a 11.11% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 3,000 shares of company stock worth $131,630 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

About Fastenal

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.