Fastenal Company $FAST Stake Lifted by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co raised its stake in Fastenal Company (NASDAQ:FAST) by 11.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 230,600 shares of the company’s stock after buying an additional 24,100 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Fastenal were worth $11,309,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Values First Advisors Inc. grew its position in Fastenal by 183.0% in the second quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after acquiring an additional 6,064 shares in the last quarter. National Pension Service boosted its holdings in Fastenal by 3.6% in the third quarter. National Pension Service now owns 1,558,579 shares of the company’s stock worth $76,433,000 after purchasing an additional 53,888 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Fastenal by 6.3% during the 3rd quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock valued at $181,626,000 after acquiring an additional 219,154 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Fastenal by 103.5% during the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock worth $6,265,119,000 after buying an additional 75,852,223 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its stake in Fastenal by 7,923.2% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock valued at $62,222,000 after buying an additional 1,252,981 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other news, Director Sarah N. Nielsen bought 1,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the purchase, the director owned 5,000 shares of the company’s stock, valued at approximately $198,000. The trade was a 25.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FAST. Barclays set a $43.00 price target on Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, January 21st. Robert W. Baird increased their target price on Fastenal from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $48.18.

Fastenal Stock Performance

NASDAQ:FAST opened at $46.41 on Friday. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $43.08 and a 200 day moving average price of $44.45. The firm has a market capitalization of $53.29 billion, a PE ratio of 42.19, a price-to-earnings-growth ratio of 2.90 and a beta of 0.89. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.Fastenal’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. Research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be paid a dividend of $0.24 per share. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, January 29th. Fastenal’s payout ratio is currently 87.27%.

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.