Meiji Yasuda Asset Management Co Ltd. Buys 2,872 Shares of Fastenal (NASDAQ:FAST)

Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Fastenal (NASDAQ:FAST) by 15.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,916 shares of the company’s stock after purchasing an additional 2,872 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Fastenal were worth $1,314,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FAST. Central Valley Advisors LLC acquired a new position in Fastenal during the 2nd quarter worth approximately $28,000. MCF Advisors LLC grew its stake in Fastenal by 2,172.2% in the first quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after acquiring an additional 391 shares during the period. Triad Wealth Partners LLC bought a new stake in shares of Fastenal during the second quarter valued at approximately $32,000. Crewe Advisors LLC raised its position in shares of Fastenal by 528.4% during the second quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares during the period. Finally, OFI Invest Asset Management bought a new position in shares of Fastenal in the 2nd quarter worth $35,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Up 1.3 %

Fastenal stock opened at $71.38 on Friday. Fastenal has a fifty-two week low of $53.83 and a fifty-two week high of $79.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. The firm’s 50-day simple moving average is $67.94 and its 200 day simple moving average is $68.52. The stock has a market cap of $40.87 billion, a PE ratio of 35.51, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. Fastenal’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. Research analysts predict that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s dividend payout ratio is presently 77.61%.

Analyst Ratings Changes

FAST has been the topic of several research reports. Stephens restated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a report on Monday, July 15th. Stifel Nicolaus reissued a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Morgan Stanley initiated coverage on shares of Fastenal in a research report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price target on the stock. Finally, Jefferies Financial Group decreased their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and a consensus price target of $67.43.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Daniel L. Florness sold 45,744 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

About Fastenal

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.