Nordea Investment Management AB Purchases 1,589,256 Shares of Fastenal Company $FAST

Nordea Investment Management AB boosted its position in Fastenal Company (NASDAQ:FAST) by 83.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,494,315 shares of the company’s stock after acquiring an additional 1,589,256 shares during the period. Nordea Investment Management AB owned 0.30% of Fastenal worth $146,342,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Fastenal by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company’s stock worth $5,685,754,000 after acquiring an additional 1,016,479 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Fastenal by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock worth $1,753,864,000 after acquiring an additional 1,850,871 shares during the last quarter. Baird Financial Group Inc. grew its holdings in Fastenal by 1.7% in the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company’s stock worth $652,875,000 after acquiring an additional 142,972 shares during the last quarter. Blair William & Co. IL grew its holdings in Fastenal by 107.2% in the 2nd quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock worth $286,565,000 after acquiring an additional 3,530,339 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Fastenal by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company’s stock worth $511,198,000 after acquiring an additional 168,830 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 1.2%

NASDAQ:FAST opened at $42.46 on Friday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.12. The company’s 50-day simple moving average is $47.83 and its 200 day simple moving average is $44.00. The firm has a market capitalization of $48.73 billion, a P/E ratio of 39.68, a PEG ratio of 3.83 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the firm earned $0.26 EPS. The company’s revenue was up 11.7% on a year-over-year basis. As a group, analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is presently 82.24%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Stephens lifted their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $46.50.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The shares were acquired at an average price of $42.45 per share, with a total value of $42,450.00. Following the completion of the purchase, the director directly owned 9,000 shares of the company’s stock, valued at approximately $382,050. The trade was a 12.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction of $333,000.14. Following the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 90,178 shares of company stock worth $4,336,603. Insiders own 0.37% of the company’s stock.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.