Nordea Investment Management AB Grows Stock Holdings in Fastenal Company $FAST

Nordea Investment Management AB lifted its stake in Fastenal Company (NASDAQ:FAST) by 6.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,713,469 shares of the company’s stock after buying an additional 219,154 shares during the quarter. Nordea Investment Management AB’s holdings in Fastenal were worth $181,626,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FAST. Riverview Trust Co lifted its stake in Fastenal by 100.0% in the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares during the last quarter. Hilltop National Bank bought a new position in shares of Fastenal in the second quarter worth about $27,000. Private Wealth Management Group LLC increased its stake in Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares during the period. Twin Peaks Wealth Advisors LLC bought a new stake in Fastenal during the 2nd quarter valued at about $27,000. Finally, Armstrong Advisory Group Inc. lifted its holdings in Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after buying an additional 348 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST stock opened at $42.42 on Wednesday. The firm has a market cap of $48.70 billion, a price-to-earnings ratio of 39.65, a PEG ratio of 2.99 and a beta of 0.90. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The company’s 50 day moving average is $41.04 and its 200 day moving average is $44.41.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 EPS. On average, sell-side analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on FAST shares. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Monday, December 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Robert W. Baird reduced their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Finally, Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 target price for the company in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.73.

Insider Buying and Selling at Fastenal

In related news, Director Sarah N. Nielsen bought 1,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hsenghung Sam Hsu bought 1,000 shares of Fastenal stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 3,000 shares of company stock valued at $131,630. Corporate insiders own 0.37% of the company’s stock.

About Fastenal

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.