National Asset Management Inc. Boosts Stake in Fastenal (NASDAQ:FAST)

National Asset Management Inc. increased its position in Fastenal (NASDAQ:FASTGet Rating) by 16.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,121 shares of the company’s stock after buying an additional 591 shares during the period. National Asset Management Inc.’s holdings in Fastenal were worth $245,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FAST. Ferguson Wellman Capital Management Inc. raised its position in Fastenal by 77.5% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 49,467 shares of the company’s stock valued at $2,938,000 after purchasing an additional 21,600 shares during the period. Regentatlantic Capital LLC raised its position in Fastenal by 12.2% during the first quarter. Regentatlantic Capital LLC now owns 7,201 shares of the company’s stock valued at $428,000 after purchasing an additional 783 shares during the period. Assenagon Asset Management S.A. raised its position in Fastenal by 6,912.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 586,376 shares of the company’s stock valued at $37,563,000 after purchasing an additional 578,014 shares during the period. Mutual of America Capital Management LLC raised its position in Fastenal by 0.6% during the fourth quarter. Mutual of America Capital Management LLC now owns 76,110 shares of the company’s stock valued at $4,876,000 after purchasing an additional 460 shares during the period. Finally, Elo Mutual Pension Insurance Co raised its position in Fastenal by 8.2% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 43,617 shares of the company’s stock valued at $2,794,000 after purchasing an additional 3,289 shares during the period. 77.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FAST. Morgan Stanley cut their target price on Fastenal from $48.00 to $42.00 and set an “underweight” rating on the stock in a research note on Thursday, July 14th. UBS Group cut their target price on Fastenal from $62.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, July 14th. Argus cut their target price on Fastenal from $66.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, July 15th. StockNews.com cut Fastenal from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Finally, Robert W. Baird cut Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 target price on the stock. in a research note on Thursday, July 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average target price of $53.86.

Fastenal Stock Up 2.9 %

Shares of NASDAQ:FAST opened at $51.36 on Monday. Fastenal has a 52-week low of $45.68 and a 52-week high of $64.75. The stock has a market cap of $29.52 billion, a P/E ratio of 28.69, a price-to-earnings-growth ratio of 2.82 and a beta of 1.27. The business’s 50 day moving average is $50.59 and its 200 day moving average is $53.63. The company has a quick ratio of 1.75, a current ratio of 3.71 and a debt-to-equity ratio of 0.10.

Fastenal (NASDAQ:FASTGet Rating) last announced its earnings results on Wednesday, July 13th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. Sell-side analysts predict that Fastenal will post 1.88 EPS for the current year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Wednesday, July 27th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, July 26th. This represents a $1.24 annualized dividend and a yield of 2.41%. Fastenal’s dividend payout ratio (DPR) is presently 69.27%.

Fastenal announced that its Board of Directors has approved a stock repurchase plan on Tuesday, July 12th that allows the company to buyback 8,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Fastenal

In related news, Director Michael J. Ancius bought 1,000 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were acquired at an average price of $51.00 per share, with a total value of $51,000.00. Following the transaction, the director now owns 27,587 shares of the company’s stock, valued at $1,406,937. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Michael J. Ancius bought 1,000 shares of the company’s stock in a transaction on Wednesday, May 11th. The shares were acquired at an average price of $51.00 per share, with a total value of $51,000.00. Following the transaction, the director now owns 27,587 shares of the company’s stock, valued at $1,406,937. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael J. Ancius acquired 678 shares of the firm’s stock in a transaction dated Wednesday, June 15th. The shares were acquired at an average price of $49.18 per share, with a total value of $33,344.04. Following the acquisition, the director now owns 28,265 shares in the company, valued at approximately $1,390,072.70. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 3,971 shares of company stock valued at $195,441. 0.40% of the stock is currently owned by corporate insiders.

Fastenal Company Profile

(Get Rating)

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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Recommended Stories

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal (NASDAQ:FASTGet Rating).

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

Want More Great Investing Ideas?

Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with MarketBeat.com's FREE daily email newsletter.