Rakuten Investment Management Inc. Increases Stock Position in Fastenal Company $FAST

Rakuten Investment Management Inc. grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 750.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 212,974 shares of the company’s stock after acquiring an additional 187,922 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Fastenal were worth $8,794,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FAST. Elyxium Wealth LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $25,000. Palladiem LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $25,000. Field & Main Bank purchased a new stake in shares of Fastenal during the 4th quarter valued at about $30,000. Tucker Asset Management LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $33,000. Finally, Tradewinds Capital Management LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $35,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $46.05 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63. The company has a market capitalization of $52.87 billion, a P/E ratio of 40.40, a P/E/G ratio of 2.93 and a beta of 0.73. The firm’s 50 day simple moving average is $45.14 and its two-hundred day simple moving average is $44.35.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Research analysts expect that Fastenal Company will post 1.24 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is currently 84.21%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FAST shares. Raymond James Financial set a $48.00 price target on shares of Fastenal in a report on Thursday, March 5th. Morgan Stanley reissued a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a report on Thursday, March 5th. DA Davidson set a $46.00 price objective on shares of Fastenal and gave the stock a “neutral” rating in a report on Monday. Barclays set a $46.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a report on Wednesday, June 3rd. Finally, Benchmark reissued a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.57.

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.