SBI Okasan Asset Management Co.Ltd. Buys New Position in Fastenal Company $FAST

SBI Okasan Asset Management Co.Ltd. bought a new stake in Fastenal Company (NASDAQ:FAST) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 22,545 shares of the company’s stock, valued at approximately $931,000.

Other institutional investors have also recently added to or reduced their stakes in the company. REAP Financial Group LLC acquired a new position in Fastenal in the 3rd quarter valued at about $30,000. Elyxium Wealth LLC acquired a new position in Fastenal in the 4th quarter valued at about $25,000. Measured Wealth Private Client Group LLC acquired a new position in Fastenal in the 3rd quarter valued at about $36,000. Field & Main Bank acquired a new position in Fastenal in the 4th quarter valued at about $30,000. Finally, Tucker Asset Management LLC acquired a new position in Fastenal in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Down 1.3%

Shares of NASDAQ:FAST opened at $44.20 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The stock has a market capitalization of $50.74 billion, a P/E ratio of 38.77, a PEG ratio of 2.86 and a beta of 0.75. The stock has a 50-day simple moving average of $44.96 and a 200-day simple moving average of $43.83.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the business earned $0.52 EPS. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Equities analysts forecast that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s payout ratio is presently 84.21%.

Insider Activity

In other news, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction dated 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 completion of the sale, the director owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FAST shares. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $42.00 price objective on shares of Fastenal in a research note on Tuesday, April 14th. Barclays upped their price objective on shares of Fastenal from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Robert W. Baird dropped their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Finally, Wolfe Research dropped their price objective on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $49.77.

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.