Meiji Yasuda Asset Management Co Ltd. Purchases New Holdings in Fastenal Company $FAST

Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 145,972 shares of the company’s stock, valued at approximately $7,011,000.

A number of other institutional investors also recently made changes to their positions in FAST. Elyxium Wealth LLC acquired a new stake in shares of Fastenal during the fourth quarter worth approximately $25,000. Palladiem LLC acquired a new stake in Fastenal in the fourth quarter valued at $25,000. Evergreen Advisors LLC bought a new position in Fastenal during the 1st quarter valued at $26,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Fastenal during the 2nd quarter worth $26,000. Finally, MV Capital Management Inc. acquired a new position in Fastenal during the 4th quarter worth $29,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Performance

Shares of FAST opened at $51.26 on Monday. The company has a market capitalization of $58.82 billion, a PE ratio of 43.44, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company’s fifty day moving average price is $47.96 and its 200 day moving average price is $46.38.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, analysts expect that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

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

Insider Activity at Fastenal

In related news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction 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 owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Finally, Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average 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.