Rakuten Investment Management Inc. Purchases 38,380 Shares of Fastenal Company $FAST

Rakuten Investment Management Inc. boosted its position in Fastenal Company (NASDAQ:FAST) by 16.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 276,617 shares of the company’s stock after buying an additional 38,380 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Fastenal were worth $13,112,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Fastenal during the 2nd quarter worth approximately $5,105,454,000. Bank of New York Mellon Corp acquired a new stake in shares of Fastenal in the second quarter valued at approximately $859,310,000. Norges Bank bought a new stake in shares of Fastenal in the fourth quarter worth $646,046,000. Wellington Management Group LLP lifted its position in shares of Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after purchasing an additional 8,574,208 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in Fastenal during the second quarter worth $410,919,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 2.6%

Shares of FAST stock opened at $49.78 on Friday. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The stock has a market cap of $57.12 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 3.19 and a beta of 0.72. The firm’s 50-day moving average is $48.45 and its 200-day moving average is $46.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

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

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were paid a $0.26 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 88.14%.

Insider Activity at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction 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 transaction, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FAST has been the subject of a number of analyst reports. Morgan Stanley raised their target price on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research note on Friday, August 7th. DA Davidson restated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $49.17.

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.