Dearborn Partners LLC acquired a new position in Fastenal Company (NASDAQ:FAST – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 377,076 shares of the company’s stock, valued at approximately $17,496,000.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Fastenal in the 2nd quarter valued at about $5,105,454,000. Bank of New York Mellon Corp acquired a new position in Fastenal in the 2nd quarter worth about $859,310,000. Norges Bank purchased a new position in Fastenal during the fourth quarter worth approximately $646,046,000. Wellington Management Group LLP boosted its position in Fastenal by 243.5% during 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 in the last quarter. Finally, Legal & General Group Plc acquired a new stake in Fastenal in the second quarter valued at approximately $410,919,000. 81.38% of the stock is owned by hedge funds and other institutional investors.
Fastenal Price Performance
Shares of Fastenal stock opened at $51.13 on Friday. The stock has a market capitalization of $58.67 billion, a P/E ratio of 43.33, a PEG ratio of 3.19 and a beta of 0.72. The business has a 50 day simple moving average of $48.38 and a two-hundred day simple moving average of $46.48. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.
Fastenal Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were paid a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. Fastenal’s dividend payout ratio is presently 88.14%.
Insiders Place Their Bets
In other news, Director Rita J. Heise sold 34,964 shares of the company’s 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 sale, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. Weiss Ratings upgraded Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Barclays dropped their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Wolfe Research reissued an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $49.17.
Check Out Our Latest Stock Analysis on FAST
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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