Franklin Resources Inc. Raises Stake in Fastenal Company $FAST

Franklin Resources Inc. raised its stake in Fastenal Company (NASDAQ:FAST) by 1.2% during the third quarter, Holdings Channel reports. The fund owned 7,387,472 shares of the company’s stock after buying an additional 90,095 shares during the period. Franklin Resources Inc.’s holdings in Fastenal were worth $362,282,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after buying an additional 2,346,045 shares during the last quarter. National Pension Service lifted its position in shares of Fastenal by 3.6% during the 3rd quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after buying an additional 53,888 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Fastenal by 6.3% during the 3rd quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock worth $181,626,000 after acquiring an additional 219,154 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in shares of Fastenal by 7,923.2% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock worth $62,222,000 after acquiring an additional 1,252,981 shares during the period. Finally, BlueStem Wealth Partners LLC purchased a new stake in Fastenal in the 3rd quarter worth about $634,000. 81.38% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on FAST. Raymond James Financial set a $48.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Benchmark reiterated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Finally, UBS Group restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $48.83.

Insider Activity at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the transaction, the director directly owned 50,000 shares in the company, valued at $2,209,500. This trade represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director directly owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by corporate insiders.

Fastenal Trading Up 0.6%

Shares of Fastenal stock opened at $46.59 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The firm has a market cap of $53.50 billion, a PE ratio of 42.35, a PEG ratio of 2.95 and a beta of 0.88. The company has a 50 day simple moving average of $44.71 and a two-hundred day simple moving average of $44.21.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $0.46 earnings per share. Analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is presently 87.27%.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.