1,360,526 Shares in Fastenal Company $FAST Purchased by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board purchased a new position in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,360,526 shares of the company’s stock, valued at approximately $65,346,000.

A number of other institutional investors also recently added to or reduced their stakes in FAST. BlackRock Inc. acquired a new stake in shares of Fastenal in the 2nd quarter valued at $5,105,454,000. Swiss Life Asset Management Ltd increased its position in shares of Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after purchasing an additional 39,406 shares in the last quarter. Fideuram Asset Management Ireland dac bought a new position in Fastenal during the 4th quarter valued at about $4,041,000. National Pension Service boosted its position in Fastenal by 2.9% in the fourth quarter. National Pension Service now owns 1,603,839 shares of the company’s stock valued at $64,362,000 after buying an additional 45,260 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Fastenal by 16.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,820,172 shares of the company’s stock valued at $273,699,000 after buying an additional 959,731 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Down 0.0%

Shares of NASDAQ FAST opened at $51.13 on Friday. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The firm’s 50-day simple moving average is $48.38 and its 200 day simple moving average is $46.48. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The company has a market cap of $58.67 billion, a price-to-earnings ratio of 43.33, a price-to-earnings-growth ratio of 3.19 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm 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 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal’s payout ratio is currently 88.14%.

Insider Buying and Selling

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction on 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 directly owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on FAST. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Wolfe Research reissued an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Morgan Stanley increased their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Five equities 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.