Gateway Investment Advisers LLC Raises Stake in Fastenal (NASDAQ:FAST)

Gateway Investment Advisers LLC lifted its stake in shares of Fastenal (NASDAQ:FAST) by 41.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,683 shares of the company’s stock after acquiring an additional 4,002 shares during the period. Gateway Investment Advisers LLC’s holdings in Fastenal were worth $1,056,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Morgan Stanley raised its stake in Fastenal by 4.1% during the third quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock worth $468,957,000 after purchasing an additional 337,168 shares during the period. Baird Financial Group Inc. lifted its holdings in Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after acquiring an additional 1,043,529 shares during the last quarter. Royal Bank of Canada grew its position in Fastenal by 9.3% in the third quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock worth $363,445,000 after acquiring an additional 568,372 shares during the period. Norges Bank acquired a new stake in Fastenal during the fourth quarter worth $405,513,000. Finally, Envestnet Asset Management Inc. raised its position in Fastenal by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock valued at $310,931,000 after purchasing an additional 109,028 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Stifel Nicolaus boosted their price objective on shares of Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, March 18th. Loop Capital lowered their price objective on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. HSBC lifted their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Finally, Robert W. Baird lowered their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and an average price target of $68.80.

Fastenal Stock Performance

Shares of FAST stock opened at $64.43 on Wednesday. The firm has a 50 day moving average of $66.12 and a two-hundred day moving average of $68.67. The stock has a market capitalization of $36.89 billion, a PE ratio of 31.90, a P/E/G ratio of 3.49 and a beta of 1.02. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04.

Fastenal (NASDAQ:FAST) last released its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. On average, research analysts predict that Fastenal will post 2.08 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 23rd. Investors of record on Thursday, April 25th were issued a $0.39 dividend. The ex-dividend date was Wednesday, April 24th. This represents a $1.56 annualized dividend and a yield of 2.42%. Fastenal’s dividend payout ratio (DPR) is 77.23%.

Insider Buying and Selling

In other news, Director Daniel L. Johnson acquired 3,350 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were bought at an average cost of $68.38 per share, with a total value of $229,073.00. Following the transaction, the director now owns 10,595 shares in the company, valued at approximately $724,486.10. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Fastenal news, Director Hsenghung Sam Hsu bought 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares in the company, valued at $221,480. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel L. Johnson purchased 3,350 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was acquired at an average cost of $68.38 per share, with a total value of $229,073.00. Following the completion of the acquisition, the director now directly owns 10,595 shares of the company’s stock, valued at $724,486.10. 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.