Nordea Investment Management AB increased its stake in shares of Fastenal Co. (NASDAQ:FAST) by 348.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,307 shares of the company’s stock after buying an additional 49,973 shares during the period. Nordea Investment Management AB’s holdings in Fastenal were worth $2,855,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Capital Fund Management S.A. bought a new stake in shares of Fastenal during the second quarter valued at about $17,477,000. Bank of Montreal Can bought a new stake in shares of Fastenal during the second quarter valued at about $12,211,000. Geode Capital Management LLC boosted its stake in shares of Fastenal by 6.4% in the first quarter. Geode Capital Management LLC now owns 2,551,508 shares of the company’s stock valued at $124,792,000 after buying an additional 153,032 shares in the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Fastenal during the second quarter valued at about $5,948,000. Finally, Peregrine Asset Advisers Inc. bought a new stake in shares of Fastenal during the first quarter valued at about $6,457,000. 82.15% of the stock is owned by institutional investors.
Fastenal Co. (NASDAQ:FAST) traded up 1.99% during midday trading on Wednesday, reaching $38.92. 3,268,740 shares of the company traded hands. The firm has a market capitalization of $11.25 billion, a price-to-earnings ratio of 22.24 and a beta of 0.99. The firm’s 50 day moving average price is $40.97 and its 200 day moving average price is $43.77. Fastenal Co. has a 12 month low of $35.10 and a 12 month high of $49.99.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, October 11th. The company reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by $0.01. Fastenal had a return on equity of 26.84% and a net margin of 12.61%. The business had revenue of $1.01 billion for the quarter. During the same quarter last year, the business posted $0.47 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. On average, analysts expect that Fastenal Co. will post $1.74 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, October 25th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, October 21st. This represents a $1.20 annualized dividend and a dividend yield of 3.08%. Fastenal’s dividend payout ratio (DPR) is 69.77%.
A number of brokerages recently weighed in on FAST. Vetr cut shares of Fastenal from a “strong-buy” rating to a “hold” rating and set a $42.46 price target for the company. in a research report on Tuesday, September 6th. Zacks Investment Research raised shares of Fastenal from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Morgan Stanley began coverage on shares of Fastenal in a research report on Thursday, July 7th. They set an “equal weight” rating and a $46.00 price target for the company. BMO Capital Markets reaffirmed a “market perform” rating and set a $47.00 price target on shares of Fastenal in a research report on Wednesday, July 13th. Finally, Macquarie began coverage on shares of Fastenal in a research report on Thursday, August 25th. They set a “neutral” rating and a $50.00 price target for the company. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and one has issued a buy rating to the company. Fastenal currently has an average rating of “Hold” and a consensus target price of $47.15.
In other Fastenal news, Director Michael J. Ancius purchased 700 shares of the company’s stock in a transaction dated Thursday, October 13th. The shares were bought at an average price of $38.82 per share, for a total transaction of $27,174.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.78% of the company’s stock.
Fastenal Company Profile
Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company distributes these supplies through a network of approximately 2,600 Company-owned stores. The Company sells industrial and construction supplies to end users (business-to-business), and also has a walk-in retail business.
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