Geode Capital Management LLC Raises Holdings in Fastenal Company $FAST

Geode Capital Management LLC boosted its holdings in Fastenal Company (NASDAQ:FAST) by 103.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,984,281 shares of the company’s stock after acquiring an additional 18,329,847 shares during the quarter. Geode Capital Management LLC owned about 3.14% of Fastenal worth $1,506,141,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after purchasing an additional 16,308,254 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Fastenal by 103.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock valued at $408,849,000 after acquiring an additional 4,950,503 shares during the last quarter. Cantillon Capital Management LLC raised its position in Fastenal by 94.4% during the second quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock worth $390,517,000 after acquiring an additional 4,513,985 shares during the last quarter. Blair William & Co. IL lifted its holdings in shares of Fastenal by 107.2% in the second quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock valued at $286,565,000 after purchasing an additional 3,530,339 shares in the last quarter. Finally, Provident Trust Co. grew its position in shares of Fastenal by 98.9% in the second quarter. Provident Trust Co. now owns 5,379,291 shares of the company’s stock valued at $225,930,000 after purchasing an additional 2,674,765 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 0.7%

Shares of FAST opened at $40.97 on Thursday. The stock has a market cap of $47.04 billion, a PE ratio of 38.29, a P/E/G ratio of 3.75 and a beta of 0.92. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The stock’s 50-day moving average is $45.08 and its two-hundred day moving average is $44.40.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the company earned $0.26 EPS. The firm’s revenue was up 11.7% compared to the same quarter last year. Equities analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is currently 82.24%.

Insider Buying and Selling at Fastenal

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction dated Thursday, October 16th. The stock was bought at an average cost of $42.45 per share, with a total value of $42,450.00. Following the transaction, the director directly owned 9,000 shares in the company, valued at approximately $382,050. The trade was a 12.50% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on FAST. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Northcoast Research began coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating on the stock. Sanford C. Bernstein started coverage on shares of Fastenal in a report on Tuesday. They set an “underperform” rating and a $38.00 price target for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Finally, Barclays set a $45.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.41.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.