Van ECK Associates Corp Raises Stock Position in Fastenal (NASDAQ:FAST)

Van ECK Associates Corp boosted its position in Fastenal (NASDAQ:FASTFree Report) by 3.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 96,204 shares of the company’s stock after purchasing an additional 3,205 shares during the period. Van ECK Associates Corp’s holdings in Fastenal were worth $5,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Missouri Trust & Investment Co bought a new stake in Fastenal in the second quarter worth about $29,000. Resurgent Financial Advisors LLC purchased a new stake in shares of Fastenal in the fourth quarter valued at approximately $33,000. Sunbelt Securities Inc. boosted its holdings in shares of Fastenal by 131.7% in the second quarter. Sunbelt Securities Inc. now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 341 shares during the period. Quarry LP grew its stake in Fastenal by 184.9% in the first quarter. Quarry LP now owns 678 shares of the company’s stock worth $37,000 after purchasing an additional 440 shares in the last quarter. Finally, Tower View Wealth Management LLC purchased a new position in Fastenal during the 2nd quarter worth $48,000. Institutional investors own 78.47% of the company’s stock.

Insider Activity at Fastenal

In related news, insider William Joseph Drazkowski sold 11,000 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $63.47, for a total transaction of $698,170.00. Following the sale, the insider now owns 5,997 shares in the company, valued at $380,629.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Daniel L. Florness sold 19,500 shares of Fastenal stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $60.02, for a total value of $1,170,390.00. Following the sale, the chief executive officer now owns 284,410 shares in the company, valued at $17,070,288.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William Joseph Drazkowski sold 11,000 shares of Fastenal stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $63.47, for a total transaction of $698,170.00. Following the completion of the sale, the insider now owns 5,997 shares in the company, valued at approximately $380,629.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,120 shares of company stock worth $9,322,231. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Robert W. Baird increased their target price on shares of Fastenal from $62.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, January 19th. Stifel Nicolaus increased their price objective on shares of Fastenal from $69.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, January 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $62.17.

Get Our Latest Research Report on FAST

Fastenal Trading Up 1.1 %

NASDAQ FAST opened at $70.02 on Monday. The company has a fifty day simple moving average of $65.52 and a two-hundred day simple moving average of $60.34. The stock has a market cap of $40.07 billion, a P/E ratio of 34.66, a P/E/G ratio of 3.62 and a beta of 1.05. Fastenal has a 12-month low of $50.30 and a 12-month high of $70.95. The company has a current ratio of 4.57, a quick ratio of 2.27 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FASTGet Free Report) last issued its earnings results on Thursday, January 18th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. Fastenal had a net margin of 15.72% and a return on equity of 34.31%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same quarter last year, the company posted $0.43 earnings per share. The firm’s revenue was up 3.7% compared to the same quarter last year. On average, analysts forecast that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 29th. Investors of record on Thursday, February 1st will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Wednesday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.38. Fastenal’s dividend payout ratio (DPR) is 77.23%.

About Fastenal

(Free Report)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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