Franklin Resources Inc. Has $362.28 Million Position in Fastenal Company $FAST

Franklin Resources Inc. raised its stake in Fastenal Company (NASDAQ:FAST) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,387,472 shares of the company’s stock after buying an additional 90,095 shares during the period. Franklin Resources Inc. owned about 0.64% of Fastenal worth $362,282,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Fastenal by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after acquiring an additional 2,346,045 shares in the last quarter. National Pension Service lifted 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 purchasing an additional 53,888 shares during the period. Nordea Investment Management AB boosted its position 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 purchasing an additional 219,154 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of Fastenal by 7,923.2% during 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 purchasing an additional 1,252,981 shares in the last quarter. Finally, BlueStem Wealth Partners LLC acquired a new stake in Fastenal during the third quarter worth approximately $634,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of research analyst reports. Barclays lifted their target price on Fastenal from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, March 6th. Morgan Stanley reaffirmed a “positive” rating and set a $45.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Benchmark reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Finally, UBS Group restated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.83.

Insider Buying and Selling at Fastenal

In other Fastenal news, 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 transaction, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director owned 40,000 shares of the company’s stock, valued at $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Fastenal Trading Up 0.6%

Shares of Fastenal stock opened at $46.59 on Thursday. The stock has a market capitalization of $53.50 billion, a PE ratio of 42.35, a price-to-earnings-growth ratio of 2.95 and a beta of 0.88. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The stock has a 50 day moving average price of $44.71 and a two-hundred day moving average price of $44.21. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85.

Fastenal (NASDAQ:FAST) last issued 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. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same period in the prior year, the firm earned $0.46 earnings per share. Fastenal’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts anticipate 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 was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, January 29th. 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%. Fastenal’s dividend payout ratio is currently 87.27%.

Fastenal 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.