Deutsche Bank AG Makes New $239.28 Million Investment in Fastenal Company $FAST

Deutsche Bank AG purchased a new stake in Fastenal Company (NASDAQ:FAST) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,981,867 shares of the company’s stock, valued at approximately $239,279,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Perigon Wealth Management LLC acquired a new position in shares of Fastenal in the second quarter worth approximately $2,246,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Fastenal during the 2nd quarter valued at approximately $2,384,000. Trust Co. of Vermont acquired a new stake in Fastenal during the 2nd quarter valued at approximately $219,000. Principle Wealth Partners LLC acquired a new stake in Fastenal during the 2nd quarter valued at approximately $363,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Fastenal during the 2nd quarter worth approximately $143,708,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FAST shares. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research reiterated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Finally, Morgan Stanley upped their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Five 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.17.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $51.27 on Wednesday. The firm has a market capitalization of $58.83 billion, a P/E ratio of 43.45, a P/E/G ratio of 3.18 and a beta of 0.72. The firm’s 50-day moving average price is $47.67 and its 200-day moving average price is $46.22. 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 Company has a 1-year low of $38.97 and a 1-year high of $52.92.

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

Fastenal Increases Dividend

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

Insider Activity at Fastenal

In other news, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was 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 $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by corporate insiders.

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.