Vanguard Group Inc. Has $7.43 Billion Stake in Fastenal Company $FAST

Vanguard Group Inc. increased its stake in Fastenal Company (NASDAQ:FAST) by 1.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 151,515,539 shares of the company’s stock after purchasing an additional 2,346,045 shares during the quarter. Vanguard Group Inc. owned approximately 13.20% of Fastenal worth $7,430,322,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. National Pension Service increased its stake in shares of Fastenal by 3.6% in the 3rd quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after buying an additional 53,888 shares during the period. Nordea Investment Management AB boosted its holdings in Fastenal by 6.3% in the third 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. Fifth Third Wealth Advisors LLC boosted its holdings in Fastenal by 7,923.2% in the third quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock valued at $62,222,000 after acquiring an additional 1,252,981 shares during the last quarter. Arjuna Capital acquired a new stake in Fastenal in the third quarter worth about $3,999,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Fastenal by 4.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,531,484 shares of the company’s stock worth $75,104,000 after purchasing an additional 68,566 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insiders Place Their Bets

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

Fastenal Stock Up 1.9%

Shares of FAST stock opened at $46.41 on Tuesday. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. 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 fifty day moving average of $43.19 and a 200-day moving average of $44.42. The company has a market capitalization of $53.29 billion, a price-to-earnings ratio of 42.19, a P/E/G ratio of 2.96 and a beta of 0.89.

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

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, January 29th. Fastenal’s dividend payout ratio is 87.27%.

Wall Street Analysts Forecast Growth

FAST has been the topic of several recent research reports. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Barclays set a $43.00 price objective on Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Finally, UBS Group restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $48.18.

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.