Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Position in Fastenal (NASDAQ:FAST)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Fastenal (NASDAQ:FAST) by 0.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,818 shares of the company’s stock after buying an additional 240 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fastenal were worth $4,201,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FAST. ProShare Advisors LLC increased its stake in Fastenal by 497.3% during the first 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 last quarter. Marshall Wace LLP increased its position in shares of Fastenal by 4,008.2% during the 2nd quarter. Marshall Wace LLP now owns 756,241 shares of the company’s stock valued at $47,522,000 after purchasing an additional 737,833 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Fastenal by 19.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company’s stock valued at $241,161,000 after buying an additional 636,546 shares during the period. Renaissance Technologies LLC bought a new stake in Fastenal in the second quarter worth $37,659,000. Finally, TD Asset Management Inc boosted its stake in Fastenal by 21.2% during the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after buying an additional 569,118 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider William Joseph Drazkowski sold 16,362 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the transaction, the insider now directly owns 5,997 shares in the company, valued at approximately $465,667.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Daniel L. Florness sold 45,744 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Joseph Drazkowski sold 16,362 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total value of $1,270,509.30. Following the transaction, the insider now directly owns 5,997 shares in the company, valued at $465,667.05. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 179,373 shares of company stock worth $13,029,308. 0.41% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FAST has been the topic of several recent analyst reports. Jefferies Financial Group reduced their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 price objective (up from $80.00) on shares of Fastenal in a research report on Monday, October 14th. Bank of America started coverage on shares of Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Morgan Stanley upped their target price on Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. Finally, Stephens raised their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $73.33.

Fastenal Stock Up 0.3 %

Shares of NASDAQ:FAST opened at $77.90 on Friday. The business’s 50 day moving average is $69.92 and its 200 day moving average is $67.97. The stock has a market cap of $44.60 billion, a P/E ratio of 38.76, a price-to-earnings-growth ratio of 4.13 and a beta of 1.01. Fastenal has a 52-week low of $56.41 and a 52-week high of $79.04. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, October 11th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 EPS. Sell-side analysts predict that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, October 25th. Fastenal’s dividend payout ratio (DPR) is 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.