QRG Capital Management Inc. Raises Holdings in Fastenal (NASDAQ:FAST)

QRG Capital Management Inc. raised its holdings in shares of Fastenal (NASDAQ:FAST - Free Report) by 22.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,575 shares of the company's stock after buying an additional 11,259 shares during the quarter. QRG Capital Management Inc.'s holdings in Fastenal were worth $4,326,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ProShare Advisors LLC lifted 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 purchasing an additional 2,580,478 shares during the last quarter. Marshall Wace LLP lifted its stake in Fastenal by 4,008.2% during 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 during the last quarter. Dimensional Fund Advisors LP lifted its stake in Fastenal by 19.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,837,530 shares of the company's stock worth $241,161,000 after purchasing an additional 636,546 shares during the last quarter. Renaissance Technologies LLC bought a new stake in Fastenal during the second quarter worth about $37,659,000. Finally, TD Asset Management Inc lifted 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 purchasing an additional 569,118 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Trading Up 7.0 %

FAST traded up $5.48 during midday trading on Wednesday, reaching $83.57. 6,380,911 shares of the company's stock traded hands, compared to its average volume of 3,338,378. The firm has a fifty day moving average of $72.35 and a two-hundred day moving average of $68.38. The stock has a market capitalization of $47.88 billion, a price-to-earnings ratio of 38.85, a P/E/G ratio of 4.58 and a beta of 0.99. 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 52 week low of $58.28 and a 52 week high of $83.80.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The firm had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the business earned $0.52 EPS. The business's revenue for the quarter was up 3.5% on a year-over-year basis. On average, equities analysts anticipate that Fastenal will post 2.03 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.87%. Fastenal's dividend payout ratio (DPR) is 77.61%.

Insiders Place Their Bets

In other Fastenal news, EVP Anthony Paul Broersma sold 680 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total transaction of $52,944.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Anthony Paul Broersma sold 680 shares of the company's stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.86, for a total value of $52,944.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 190,261 shares of company stock worth $13,874,979. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FAST. Bank of America began coverage on Fastenal in a research note on Monday, October 7th. They set a "buy" rating and a $85.00 price target for the company. Stephens boosted their target price on Fastenal from $56.00 to $75.00 and gave the company an "equal weight" rating in a research note on Monday, October 14th. Jefferies Financial Group lowered their target price on Fastenal from $74.00 to $65.00 and set a "hold" rating for the company in a research note on Thursday, July 11th. 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. Finally, Morgan Stanley boosted 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. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Fastenal currently has an average rating of "Hold" and an average target price of $73.33.

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.