300,398 Shares in Fastenal Company $FAST Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 300,398 shares of the company’s stock, valued at approximately $14,428,000.

Other large investors also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Fastenal during the 2nd quarter worth $26,000. Evergreen Advisors LLC acquired a new position in Fastenal in the 1st quarter worth $26,000. Palladiem LLC purchased a new position in Fastenal in the 4th quarter valued at about $25,000. Elyxium Wealth LLC purchased a new position in Fastenal in the 4th quarter valued at about $25,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Fastenal during the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FAST. Robert W. Baird set a $54.00 target price on Fastenal in a research report on Friday, August 7th. Barclays reduced their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus target price of $49.17.

Fastenal Price Performance

Shares of FAST stock opened at $50.31 on Wednesday. The firm has a fifty day moving average of $48.15 and a two-hundred day moving average of $46.43. The firm has a market cap of $57.73 billion, a P/E ratio of 42.64, a P/E/G ratio of 3.20 and a beta of 0.72. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were paid a dividend of $0.26 per share. The ex-dividend date was Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is currently 88.14%.

Insider Activity at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.