Royal London Asset Management Ltd. Buys 3,866 Shares of Fastenal (NASDAQ:FAST)

Royal London Asset Management Ltd. lifted its stake in shares of Fastenal (NASDAQ:FAST) by 1.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 328,717 shares of the company’s stock after purchasing an additional 3,866 shares during the quarter. Royal London Asset Management Ltd. owned 0.06% of Fastenal worth $20,657,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FAST. MCF Advisors LLC grew its holdings in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after buying an additional 391 shares in the last quarter. Central Valley Advisors LLC purchased a new position in Fastenal during the second quarter valued at approximately $28,000. LRI Investments LLC bought a new stake in Fastenal during the 1st quarter worth approximately $39,000. Triad Wealth Partners LLC purchased a new stake in Fastenal in the 2nd quarter worth approximately $32,000. Finally, Crewe Advisors LLC lifted its stake in Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after purchasing an additional 428 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

FAST opened at $69.21 on Thursday. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $39.63 billion, a P/E ratio of 34.43, a PEG ratio of 3.59 and a beta of 1.01. The stock has a 50-day moving average price of $67.08 and a 200-day moving average price of $68.60. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The business 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 revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Equities analysts predict that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend was Friday, July 26th. Fastenal’s payout ratio is presently 77.61%.

Insiders Place Their Bets

In other news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FAST has been the subject of a number of recent analyst reports. Stifel Nicolaus restated a “buy” rating and set a $80.00 price target (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Stephens restated an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research note on Monday, July 15th. Morgan Stanley began coverage on Fastenal in a report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price target on the stock. Finally, Jefferies Financial Group cut 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 equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.43.

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.