Commerce Bank Makes New $5.12 Million Investment in Fastenal Company $FAST

Commerce Bank bought a new position in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 106,620 shares of the company’s stock, valued at approximately $5,121,000.

A number of other institutional investors have also modified their holdings of FAST. BlackRock Inc. bought a new position in shares of Fastenal during the second quarter worth about $5,105,454,000. Bank of New York Mellon Corp bought a new stake in Fastenal in the second quarter valued at about $859,310,000. Norges Bank acquired a new stake in Fastenal during the fourth quarter valued at approximately $646,046,000. Wellington Management Group LLP raised its stake in Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after buying an additional 8,574,208 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after buying an additional 7,943,217 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Wolfe Research reiterated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Finally, Robert W. Baird set a $54.00 target price on shares of Fastenal in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal Price Performance

NASDAQ:FAST opened at $51.26 on Monday. The firm 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. The stock has a 50 day moving average of $47.96 and a 200-day moving average of $46.38. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

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

Fastenal Increases Dividend

The business also recently announced 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. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is 88.14%.

Insiders Place Their Bets

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company’s stock.

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.