Daiwa Securities Group Inc. Acquires 254,234 Shares of Fastenal Company $FAST

Daiwa Securities Group Inc. raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 104.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 497,239 shares of the company’s stock after buying an additional 254,234 shares during the period. Daiwa Securities Group Inc.’s holdings in Fastenal were worth $20,884,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Patton Fund Management Inc. bought a new stake in Fastenal in the second quarter worth about $229,000. Values First Advisors Inc. lifted its stake in shares of Fastenal by 183.0% during the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after acquiring an additional 6,064 shares during the last quarter. Vanguard Group Inc. lifted 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 acquiring an additional 75,852,223 shares during the last quarter. Optas LLC boosted its holdings in Fastenal by 100.2% during the 2nd quarter. Optas LLC now owns 13,712 shares of the company’s stock valued at $576,000 after acquiring an additional 6,863 shares during the period. Finally, Element Capital Management LLC bought a new position in Fastenal in the 1st quarter valued at $2,744,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $40.34 on Wednesday. The stock has a market capitalization of $46.31 billion, a PE ratio of 37.70, a PEG ratio of 3.25 and a beta of 0.89. The company has a 50 day moving average price of $42.18 and a 200-day moving average price of $44.42. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, October 14th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period last year, the firm earned $0.26 EPS. Equities analysts predict 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. Investors of record on Tuesday, October 28th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is presently 82.24%.

Insider Activity

In other news, Director Hsenghung Sam Hsu acquired 1,000 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average price 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 approximately $495,800. This represents a 11.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sarah N. Nielsen acquired 1,000 shares of Fastenal stock in a transaction that occurred on Wednesday, November 19th. The shares were purchased at an average price of $39.60 per share, with a total value of $39,600.00. Following the purchase, the director owned 5,000 shares in the company, valued at $198,000. This represents a 25.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 3,000 shares of company stock worth $131,630 in the last quarter. 0.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of recent analyst reports. Sanford C. Bernstein initiated coverage on shares of Fastenal in a research note on Tuesday, November 11th. They set an “underperform” rating and a $38.00 target price for the company. JPMorgan Chase & Co. lifted their price objective on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Barclays reduced their target price on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 13th. Finally, Northcoast Research initiated coverage on Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average price target of $46.70.

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.