Korea Investment CORP Invests $35.47 Million in Fastenal Company $FAST

Korea Investment CORP purchased a new stake in Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 738,428 shares of the company’s stock, valued at approximately $35,467,000. Korea Investment CORP owned 0.06% of Fastenal as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FAST. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Fastenal in the 2nd quarter valued at $26,000. Evergreen Advisors LLC purchased a new position in Fastenal in the first quarter valued at about $26,000. Palladiem LLC acquired a new position in shares of Fastenal during the fourth quarter worth about $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fastenal in the fourth quarter worth about $25,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Fastenal in the fourth quarter valued at about $29,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of FAST stock opened at $51.26 on Friday. The firm has a fifty day moving average of $47.96 and a two-hundred day moving average of $46.37. The firm has a market cap of $58.82 billion, a P/E ratio of 43.44, a P/E/G ratio of 3.20 and a beta of 0.72. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

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

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be issued a $0.26 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Insider Activity at Fastenal

In related 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 transaction of $147,000.00. Following the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were 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 of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wolfe Research restated an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. 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. Weiss Ratings downgraded shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Morgan Stanley lifted their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Five equities 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 stock. According to data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average 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.