E Fund Management Co. Ltd. Acquires New Holdings in Fastenal Company $FAST

E Fund Management Co. Ltd. purchased a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 44,231 shares of the company’s stock, valued at approximately $2,124,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Fastenal during the second quarter worth about $5,105,454,000. State Street Corp boosted its stake in shares of Fastenal by 1.2% in the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock valued at $2,196,502,000 after purchasing an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after purchasing an additional 919,158 shares in the last quarter. Geode Capital Management LLC increased its stake in Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock worth $1,508,216,000 after buying an additional 685,047 shares during the period. Finally, Invesco Ltd. increased its stake in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after buying an additional 2,242,116 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Barclays cut their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. DA Davidson reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research reiterated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Finally, Robert W. Baird set a $54.00 price objective on Fastenal in a research report on Friday, August 7th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.17.

Insiders Place Their Bets

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction dated 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 directly owned 20,000 shares in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael J. Ancius sold 3,000 shares of the firm’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 value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company’s stock, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Fastenal Price Performance

Fastenal stock opened at $51.44 on Thursday. Fastenal Company has a 12 month low of $38.97 and a 12 month 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 business has a 50 day simple moving average of $47.78 and a 200-day simple moving average of $46.28. The stock has a market capitalization of $59.03 billion, a PE ratio of 43.59, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72.

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

Fastenal Increases Dividend

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

Fastenal Company 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.