Headlands Technologies LLC Purchases 43,411 Shares of Fastenal Company $FAST

Headlands Technologies LLC increased its position in shares of Fastenal Company (NASDAQ:FAST) by 95.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,077 shares of the company’s stock after acquiring an additional 43,411 shares during the quarter. Headlands Technologies LLC’s holdings in Fastenal were worth $4,278,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Fastenal in the second quarter worth about $5,105,454,000. Bank of New York Mellon Corp acquired a new position in Fastenal during the 2nd quarter valued at about $859,310,000. Norges Bank bought a new position in shares of Fastenal in the 4th quarter valued at about $646,046,000. Wellington Management Group LLP boosted its stake in shares of Fastenal by 243.5% in the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Fastenal during the 2nd quarter worth approximately $410,919,000. Institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. DA Davidson reissued a “neutral” rating and set a $46.00 price target 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. Robert W. Baird set a $54.00 target price on shares of Fastenal in a research report on Friday, August 7th. Morgan Stanley increased their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Finally, Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus target price of $49.17.

Fastenal Stock Performance

Shares of FAST stock opened at $49.78 on Monday. 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 stock has a market cap of $57.12 billion, a PE ratio of 42.19, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. The stock has a 50-day moving average of $48.45 and a 200-day moving average of $46.50. Fastenal Company has a one year low of $38.97 and a one year high of $52.92.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 EPS. As a group, sell-side analysts expect that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Insiders Place Their Bets

In related news, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction 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 sale, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction on 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 sale, the director directly owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company’s stock.

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.