OMERS ADMINISTRATION Corp Purchases 46,058 Shares of Fastenal Company $FAST

OMERS ADMINISTRATION Corp raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 96.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 93,826 shares of the company’s stock after purchasing an additional 46,058 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Fastenal were worth $4,354,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FAST. Evergreen Advisors LLC purchased a new position in shares of Fastenal in the first quarter worth about $26,000. Palladiem LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at approximately $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at approximately $25,000. MV Capital Management Inc. bought a new position in Fastenal in the 4th quarter worth approximately $29,000. Finally, Measured Wealth Private Client Group LLC bought a new position in Fastenal in the 3rd quarter worth approximately $36,000. Institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

FAST has been the topic of a number of analyst reports. Bank of America boosted their target price on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Weiss Ratings lowered Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Morgan Stanley lifted their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $48.83.

Fastenal Stock Up 1.3%

FAST opened at $47.64 on Tuesday. The firm has a market capitalization of $54.67 billion, a P/E ratio of 40.37, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The company has a fifty day moving average price of $46.00 and a 200-day moving average price of $45.43. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

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, hitting analysts’ consensus estimates of $0.33. The company 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 firm’s revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. Equities research analysts expect that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is currently 81.36%.

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.