Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in Fastenal (NASDAQ:FAST)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Fastenal (NASDAQ:FAST - Free Report) by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,416,628 shares of the company's stock after acquiring an additional 17,997 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Fastenal worth $101,176,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in FAST. Verdence Capital Advisors LLC boosted its position in Fastenal by 1.9% during the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company's stock valued at $545,000 after buying an additional 142 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its position in Fastenal by 5.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,607 shares of the company's stock worth $186,000 after acquiring an additional 143 shares during the last quarter. Compass Ion Advisors LLC increased its stake in Fastenal by 1.5% in the 3rd quarter. Compass Ion Advisors LLC now owns 9,927 shares of the company's stock worth $709,000 after purchasing an additional 146 shares during the period. Catalina Capital Group LLC lifted its position in Fastenal by 4.5% in the third quarter. Catalina Capital Group LLC now owns 3,359 shares of the company's stock valued at $240,000 after purchasing an additional 146 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. boosted its stake in shares of Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company's stock valued at $1,030,000 after purchasing an additional 150 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST traded down $0.98 during mid-day trading on Thursday, hitting $82.64. 1,046,306 shares of the company traded hands, compared to its average volume of 3,309,735. The stock has a market cap of $47.34 billion, a price-to-earnings ratio of 41.60, a P/E/G ratio of 4.89 and a beta of 0.99. The stock has a 50-day moving average price of $74.30 and a two-hundred day moving average price of $69.04. Fastenal has a 1 year low of $59.47 and a 1 year high of $84.88. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The business had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same period in the previous year, the business earned $0.52 EPS. The company's quarterly revenue was up 3.5% compared to the same quarter last year. Equities analysts anticipate that Fastenal will post 2.03 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 1.89%. Fastenal's payout ratio is presently 77.61%.

Wall Street Analyst Weigh In

FAST has been the subject of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Fastenal from $72.00 to $76.00 and gave the company an "equal weight" rating in a report on Monday, October 14th. Stephens lifted their target price on shares of Fastenal from $56.00 to $75.00 and gave the company an "equal weight" rating in a report on Monday, October 14th. Stifel Nicolaus restated a "buy" rating and issued a $86.00 price target (up previously from $80.00) on shares of Fastenal in a research note on Monday, October 14th. Bank of America initiated coverage on Fastenal in a research note on Monday, October 7th. They set a "buy" rating and a $85.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their target price on Fastenal from $57.00 to $63.00 and gave the stock a "neutral" rating in a research note on Thursday, October 10th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Fastenal currently has a consensus rating of "Hold" and an average price target of $74.80.

Insider Transactions at Fastenal

In related 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 transaction, the chief executive officer now directly owns 286,018 shares of the company's stock, valued at approximately $19,489,266.52. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the 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 in the company, valued at approximately $19,489,266.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John Lewis Soderberg sold 488 shares of Fastenal stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $76.32, for a total value of $37,244.16. The disclosure for this sale can be found here. Insiders have sold 222,079 shares of company stock worth $16,563,600 in the last 90 days. 0.41% of the stock is currently owned by insiders.

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.