Nykredit A S Invests $12.30 Million in Fastenal Company $FAST

Nykredit A S purchased a new stake in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 256,186 shares of the company’s stock, valued at approximately $12,305,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new position in Fastenal during the second quarter valued at approximately $5,105,454,000. State Street Corp grew its position in Fastenal by 1.2% in the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after purchasing an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after buying an additional 919,158 shares during the last quarter. Geode Capital Management LLC raised its stake in Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after buying an additional 685,047 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after buying an additional 2,242,116 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Up 0.8%

FAST stock opened at $49.60 on Friday. The business’s 50-day moving average price is $48.71 and its 200-day moving average price is $46.59. The stock has a market cap of $56.92 billion, a P/E ratio of 42.03, a PEG ratio of 3.07 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92.

Fastenal (NASDAQ:FAST) last released its 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 net margin of 15.45% and a return on equity of 34.03%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the firm posted $0.29 EPS. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities research analysts forecast that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal’s dividend payout ratio is currently 88.14%.

Insiders Place Their Bets

In other news, Director Michael Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of Fastenal 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 owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FAST shares. Morgan Stanley raised their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research restated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Finally, Robert W. Baird set a $54.00 price target on shares of Fastenal in a research report on Friday, August 7th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and an average target price of $49.17.

About Fastenal

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.