The Manufacturers Life Insurance Company Sells 43,032 Shares of Fastenal Company $FAST

The Manufacturers Life Insurance Company decreased its stake in Fastenal Company (NASDAQ:FAST) by 5.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 749,733 shares of the company’s stock after selling 43,032 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Fastenal worth $34,783,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Fastenal during the 4th quarter valued at approximately $646,046,000. Wellington Management Group LLP raised its stake in Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after acquiring an additional 8,574,208 shares during the period. Bank of America Corp DE raised its stake in Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after acquiring an additional 7,943,217 shares during the period. Invesco Ltd. raised its stake in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Fastenal by 1,039.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after purchasing an additional 2,132,593 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wolfe Research reiterated an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a research report on Thursday, July 9th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Finally, DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Five 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $48.83.

Fastenal Stock Up 2.3%

NASDAQ FAST opened at $47.71 on Friday. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The stock has a market cap of $54.75 billion, a PE ratio of 40.43, a P/E/G ratio of 2.92 and a beta of 0.72. The stock’s 50 day moving average is $46.31 and its 200 day moving average is $45.57.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s revenue was up 14.7% on a year-over-year basis. During the same period last year, the firm posted $0.29 EPS. Research analysts predict that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio is 88.14%.

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.