8,555,462 Shares in Fastenal Company $FAST Bought by Legal & General Group Plc

Legal & General Group Plc acquired a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 8,555,462 shares of the company’s stock, valued at approximately $410,919,000.

A number of other institutional investors also recently bought and sold shares of FAST. BlackRock Inc. purchased a new stake in shares of Fastenal in the second quarter valued at about $5,105,454,000. State Street Corp grew its holdings in shares of Fastenal by 1.2% during the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after buying an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after acquiring an additional 919,158 shares during the last quarter. Geode Capital Management LLC raised its stake in Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after acquiring an additional 685,047 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction 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 sale, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction 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 on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $50.31 on Wednesday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a 50-day moving average price of $48.15 and a 200 day moving average price of $46.43. The company has a market cap of $57.73 billion, a P/E ratio of 42.64, a PEG ratio of 3.20 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

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

Fastenal Increases Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FAST. DA Davidson reiterated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research restated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Barclays lowered their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Finally, Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus price target 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.