Mitsubishi UFJ Asset Management Co. Ltd. Acquires New Holdings in Fastenal Company $FAST

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,992,054 shares of the company’s stock, valued at approximately $143,708,000.

A number of other institutional investors have also recently added to or reduced their stakes in FAST. Bank of New York Mellon Corp bought a new position in shares of Fastenal during the second quarter valued at $859,310,000. Norges Bank bought a new stake in shares of Fastenal in the fourth quarter worth $646,046,000. Wellington Management Group LLP grew its stake in shares of Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Bank of America Corp DE increased its holdings in Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the period. Finally, Invesco Ltd. increased its holdings in Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. 81.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Robert W. Baird set a $54.00 price target on Fastenal in a research report on Friday, August 7th. DA Davidson reissued a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research restated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average price target of $49.17.

Insider Activity

In other news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of 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. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company’s stock.

Fastenal Trading Up 0.1%

NASDAQ:FAST opened at $51.27 on Wednesday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm’s fifty day moving average is $47.67 and its 200-day moving average is $46.22. The firm has a market cap 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.

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

Fastenal Increases Dividend

The firm 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 dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is 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.