Daiichi Life Insurance Co. Ltd. Takes $8.32 Million Position in Fastenal Company $FAST

Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 173,333 shares of the company’s stock, valued at approximately $8,325,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in Fastenal in the 2nd quarter valued at approximately $5,105,454,000. Bank of New York Mellon Corp purchased a new stake in Fastenal during the second quarter worth $859,310,000. Norges Bank purchased a new stake in Fastenal during the fourth quarter worth $646,046,000. Wellington Management Group LLP grew its holdings in Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In other news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by company insiders.

Fastenal Stock Performance

Fastenal stock opened at $51.26 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The stock has a fifty day moving average of $47.96 and a two-hundred day moving average of $46.37. The company has a market capitalization of $58.82 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 3.20 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The business had revenue of $2.39 billion for 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%.The business’s revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 earnings per share. On average, analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is 88.14%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. DA Davidson reissued a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Morgan Stanley lifted their target price on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Robert W. Baird set a $54.00 price target on shares of Fastenal in a report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.17.

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.