Avanza Fonder AB Purchases New Position in Fastenal (NASDAQ:FAST)

Avanza Fonder AB bought a new stake in Fastenal (NASDAQ:FAST - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 58,232 shares of the company's stock, valued at approximately $4,187,000.

Other large investors also recently made changes to their positions in the company. Aaron Wealth Advisors LLC purchased a new stake in Fastenal during the third quarter worth about $310,000. Comgest Global Investors S.A.S. grew its position in shares of Fastenal by 73.0% during the 3rd quarter. Comgest Global Investors S.A.S. now owns 87,081 shares of the company's stock valued at $6,219,000 after acquiring an additional 36,742 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Fastenal by 1.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company's stock worth $26,373,000 after purchasing an additional 6,488 shares during the last quarter. Matrix Trust Co bought a new stake in shares of Fastenal in the 4th quarter worth approximately $1,756,000. Finally, Franklin Resources Inc. lifted its stake in Fastenal by 3.8% in the third quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company's stock valued at $350,703,000 after purchasing an additional 165,423 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FAST. Robert W. Baird boosted their target price on Fastenal from $67.00 to $80.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Hsbc Global Res lowered Fastenal from a "hold" rating to a "moderate sell" rating in a report on Wednesday, December 11th. UBS Group initiated coverage on shares of Fastenal in a report on Wednesday, November 13th. They set a "neutral" rating and a $88.00 price objective on the stock. HSBC downgraded shares of Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 target price for the company. in a research note on Wednesday, December 11th. Finally, Bank of America started coverage on shares of Fastenal in a research report on Monday, October 7th. They issued a "buy" rating and a $85.00 price target on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Fastenal presently has an average rating of "Hold" and an average target price of $77.27.

Fastenal Price Performance

NASDAQ:FAST traded up $1.31 during trading hours on Friday, hitting $76.08. The stock had a trading volume of 7,826,844 shares, compared to its average volume of 2,372,262. The company has a 50 day simple moving average of $77.92 and a two-hundred day simple moving average of $73.00. The firm has a market capitalization of $43.59 billion, a price-to-earnings ratio of 37.85, a P/E/G ratio of 3.94 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. Fastenal has a one year low of $61.36 and a one year high of $84.88.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1,842,560.16 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. Fastenal's quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 EPS. Research analysts forecast that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.26%. This is a boost from Fastenal's previous quarterly dividend of $0.39. Fastenal's dividend payout ratio is 77.61%.

Insider Activity at Fastenal

In related news, Director Rita J. Heise sold 10,888 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $77.67, for a total value of $845,670.96. Following the transaction, the director now owns 20,000 shares of the company's stock, valued at $1,553,400. This represents a 35.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Charles S. Miller sold 23,480 shares of Fastenal stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The disclosure for this sale can be found here. Insiders have sold 74,660 shares of company stock valued at $6,211,126 over the last three months. 0.41% of the stock is owned by corporate insiders.

Fastenal Company 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.