Handelsbanken Fonder AB decreased its position in shares of Fastenal Company (NASDAQ:FAST – Free Report) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 612,543 shares of the company’s stock after selling 53,368 shares during the quarter. Handelsbanken Fonder AB’s holdings in Fastenal were worth $29,420,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Evergreen Advisors LLC acquired a new stake in shares of Fastenal during the first quarter worth about $26,000. Palladiem LLC acquired a new stake in shares of Fastenal during the fourth quarter worth $25,000. Elyxium Wealth LLC acquired a new position in Fastenal in the 4th quarter valued at $25,000. MV Capital Management Inc. purchased a new position in Fastenal during the 4th quarter worth $29,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of Fastenal in the 3rd quarter worth $36,000. 81.38% of the stock is owned by institutional investors and hedge funds.
Fastenal Stock Performance
NASDAQ FAST opened at $52.38 on Wednesday. The business’s 50-day moving average price is $47.19 and its 200 day moving average price is $45.96. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The company has a market capitalization of $60.11 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 3.26 and a beta of 0.72. 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 Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is 88.14%.
Analysts Set New Price Targets
FAST has been the subject of several analyst reports. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Wolfe Research reiterated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research report on Thursday, July 9th. Morgan Stanley lifted 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. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $49.17.
Check Out Our Latest Analysis on Fastenal
Insider Buying and Selling
In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 completion of 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. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by 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.
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