Fastenal (NASDAQ:FAST) Stake Boosted by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Fastenal (NASDAQ:FAST) by 30.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 798,641 shares of the company’s stock after purchasing an additional 184,734 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.14% of Fastenal worth $61,607,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Van ECK Associates Corp raised its stake in shares of Fastenal by 5.7% during the fourth quarter. Van ECK Associates Corp now owns 101,713 shares of the company’s stock valued at $6,588,000 after purchasing an additional 5,509 shares in the last quarter. Nomura Holdings Inc. acquired a new position in Fastenal during the 4th quarter valued at about $747,000. Raymond James & Associates raised its position in shares of Fastenal by 3.7% during the 4th quarter. Raymond James & Associates now owns 900,171 shares of the company’s stock worth $58,304,000 after buying an additional 31,814 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new stake in shares of Fastenal in the 4th quarter worth approximately $1,282,000. Finally, ICW Investment Advisors LLC boosted its holdings in shares of Fastenal by 2.0% in the fourth quarter. ICW Investment Advisors LLC now owns 36,090 shares of the company’s stock valued at $2,338,000 after acquiring an additional 694 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FAST. Robert W. Baird dropped their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Loop Capital cut their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. HSBC lifted their target price on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, April 15th. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price target (down from $85.00) on shares of Fastenal in a report on Monday. Finally, Jefferies Financial Group dropped their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $66.67.

Fastenal Price Performance

NASDAQ:FAST traded down $1.16 during trading hours on Thursday, reaching $68.83. 4,387,551 shares of the company’s stock were exchanged, compared to its average volume of 3,758,679. The company has a quick ratio of 2.49, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $39.41 billion, a P/E ratio of 34.82, a price-to-earnings-growth ratio of 3.72 and a beta of 1.01. Fastenal has a 12 month low of $53.83 and a 12 month high of $79.04. The business’s 50-day simple moving average is $65.01 and its two-hundred day simple moving average is $68.59.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. Sell-side analysts expect that Fastenal will post 2.06 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, July 26th will be given a $0.39 dividend. The ex-dividend date is Thursday, July 25th. This represents a $1.56 annualized dividend and a dividend yield of 2.27%. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Activity at Fastenal

In related news, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction on Monday, June 10th. The stock was bought at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the transaction, the director now directly owns 3,500 shares in the company, valued at $221,480. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fastenal news, EVP James C. Jansen sold 11,428 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the completion of the sale, the executive vice president now owns 26,176 shares in the company, valued at approximately $1,677,096.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction on Monday, June 10th. The stock was bought at an average price of $63.28 per share, with a total value of $31,640.00. Following the transaction, the director now owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is owned by insiders.

Fastenal Profile

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.