Russell Investments Group Ltd. Buys 115,082 Shares of Fastenal Company $FAST

Russell Investments Group Ltd. increased its stake in Fastenal Company (NASDAQ:FAST) by 7.4% during the third quarter, Holdings Channel.com reports. The fund owned 1,674,560 shares of the company’s stock after buying an additional 115,082 shares during the period. Russell Investments Group Ltd.’s holdings in Fastenal were worth $82,088,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. PFG Advisors lifted its position in shares of Fastenal by 7.7% in the 3rd quarter. PFG Advisors now owns 5,354 shares of the company’s stock worth $263,000 after purchasing an additional 381 shares during the period. Jefferies Financial Group Inc. raised its stake in Fastenal by 2.8% during the third quarter. Jefferies Financial Group Inc. now owns 18,088 shares of the company’s stock worth $887,000 after buying an additional 488 shares during the last quarter. Parallel Advisors LLC raised its stake in Fastenal by 3.2% during the third quarter. Parallel Advisors LLC now owns 29,875 shares of the company’s stock worth $1,465,000 after buying an additional 926 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in Fastenal in the third quarter valued at $512,000. Finally, Natixis Advisors LLC lifted its holdings in Fastenal by 11.5% in the third quarter. Natixis Advisors LLC now owns 544,413 shares of the company’s stock valued at $26,698,000 after buying an additional 56,350 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $46.80 on Tuesday. The firm’s 50-day moving average price is $44.47 and its 200-day moving average price is $44.22. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The firm has a market capitalization of $53.74 billion, a P/E ratio of 42.55, a P/E/G ratio of 2.96 and a beta of 0.88. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the business posted $0.46 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, January 29th. Fastenal’s payout ratio is 87.27%.

Insider Buying and Selling

In related news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the transaction, the director directly owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. The trade was a 24.20% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday. Raymond James Financial set a $48.00 target price on Fastenal in a report on Thursday. Finally, Wolfe Research boosted their price target on Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a research note on Friday, February 27th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.83.

Fastenal 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.