Toronto Dominion Bank Has $18.12 Million Stake in Fastenal (NASDAQ:FAST)

Toronto Dominion Bank cut its position in shares of Fastenal (NASDAQ:FAST) by 15.5% during the second quarter, Holdings Channel reports. The institutional investor owned 288,386 shares of the company’s stock after selling 52,914 shares during the quarter. Toronto Dominion Bank’s holdings in Fastenal were worth $18,122,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ProShare Advisors LLC lifted its position in shares of Fastenal by 497.3% in the 1st quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock worth $239,083,000 after acquiring an additional 2,580,478 shares during the period. Baird Financial Group Inc. lifted its holdings in shares of Fastenal by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after acquiring an additional 1,043,529 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of Fastenal by 46.2% during the 1st quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock valued at $245,757,000 after acquiring an additional 1,006,402 shares in the last quarter. Marshall Wace LLP raised its position in Fastenal by 4,008.2% in the second quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock worth $47,522,000 after purchasing an additional 737,833 shares in the last quarter. Finally, Epoch Investment Partners Inc. raised its position in Fastenal by 76.8% in the fourth quarter. Epoch Investment Partners Inc. now owns 1,690,801 shares of the company’s stock worth $109,513,000 after purchasing an additional 734,629 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Morgan Stanley initiated coverage on Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price objective on the stock. Jefferies Financial Group dropped their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Stifel Nicolaus reiterated a “buy” rating and set a $80.00 target price (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Finally, Stephens reissued an “equal weight” rating and set a $56.00 price target on shares of Fastenal in a report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $67.43.

Insider Activity

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

Fastenal Stock Up 1.3 %

Shares of NASDAQ:FAST opened at $71.65 on Friday. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The firm has a market cap of $41.02 billion, a P/E ratio of 35.65, a P/E/G ratio of 3.92 and a beta of 1.01. Fastenal has a 12 month low of $53.94 and a 12 month high of $79.04. The company’s 50-day moving average price is $68.20 and its two-hundred day moving average price is $68.37.

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

Fastenal Announces Dividend

The company 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. The ex-dividend date was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.18%. Fastenal’s payout ratio is currently 77.61%.

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.