The Manufacturers Life Insurance Company Sells 43,032 Shares of Fastenal Company $FAST

The Manufacturers Life Insurance Company lessened its position in shares of Fastenal Company (NASDAQ:FAST) by 5.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 749,733 shares of the company’s stock after selling 43,032 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Fastenal were worth $34,783,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Evergreen Advisors LLC purchased a new stake in shares of Fastenal during the 1st quarter worth approximately $26,000. Palladiem LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $25,000. Elyxium Wealth LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $25,000. MV Capital Management Inc. bought a new stake in Fastenal in the fourth quarter worth $29,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Fastenal in the third quarter worth $36,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $47.71 on Friday. The business’s 50 day moving average price is $46.31 and its 200-day moving average price is $45.57. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a market cap of $54.75 billion, a P/E ratio of 40.43, a P/E/G ratio of 2.92 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s revenue was up 14.7% on a year-over-year basis. During the same period last year, the company earned $0.29 earnings per share. Sell-side analysts predict that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s payout ratio is currently 88.14%.

Insider Activity

In other news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Morgan Stanley lifted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $48.83.

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.