Vanguard Group Inc. Purchases 2,346,045 Shares of Fastenal Company $FAST

Vanguard Group Inc. increased its position in Fastenal Company (NASDAQ:FAST) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 151,515,539 shares of the company’s stock after purchasing an additional 2,346,045 shares during the quarter. Vanguard Group Inc. owned approximately 0.13% of Fastenal worth $7,430,322,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. National Pension Service increased its holdings 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 worth $76,433,000 after acquiring an additional 53,888 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Fastenal by 6.3% in the third quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock valued at $181,626,000 after purchasing an additional 219,154 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its position in shares of Fastenal by 7,923.2% in the third quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock valued at $62,222,000 after purchasing an additional 1,252,981 shares during the period. Arjuna Capital acquired a new stake in shares of Fastenal during the 3rd quarter worth about $3,999,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Fastenal by 4.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,531,484 shares of the company’s stock worth $75,104,000 after buying an additional 68,566 shares during the period. Institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the subject of several research reports. Barclays set a $43.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. Wolfe Research reduced their price target on Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research note on Wednesday, January 21st. UBS Group reiterated a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, January 21st. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average target price of $48.18.

Insider Buying and Selling

In related news, Director Scott Satterlee sold 15,964 shares of the company’s 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 completion of the transaction, the director directly owned 50,000 shares in the company, valued at $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sarah N. Nielsen acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The stock was bought at an average cost 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. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

Fastenal Stock Up 1.9%

NASDAQ FAST opened at $46.41 on Tuesday. The business has a fifty day moving average price of $43.19 and a two-hundred day moving average price of $44.42. The stock has a market capitalization of $53.29 billion, a PE ratio of 42.19, a PEG ratio of 2.96 and a beta of 0.89. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. 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 (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS. Equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. Fastenal’s dividend payout ratio (DPR) is currently 87.27%.

Fastenal Profile

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.