Vanguard Group Inc. Acquires 75,852,223 Shares of Fastenal Company $FAST

Vanguard Group Inc. boosted its holdings in Fastenal Company (NASDAQ:FAST) by 103.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,169,494 shares of the company’s stock after purchasing an additional 75,852,223 shares during the period. Vanguard Group Inc. owned about 13.00% of Fastenal worth $6,265,119,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co grew its holdings in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after acquiring an additional 292 shares in the last quarter. Hilltop National Bank bought a new position in Fastenal in the second quarter valued at approximately $27,000. Private Wealth Management Group LLC grew its stake in Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after purchasing an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. increased its position in shares of Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after purchasing an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in shares of Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after purchasing an additional 342 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Insider Transactions at Fastenal

In other news, Director Hsenghung Sam Hsu purchased 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the purchase, the director directly owned 10,000 shares of the company’s stock, valued at $495,800. This trade represents a 11.11% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.37% of the stock is owned by company insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $39.96 on Wednesday. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a market capitalization of $45.88 billion, a price-to-earnings ratio of 37.35, a PEG ratio of 3.75 and a beta of 0.92. The company has a 50-day simple moving average of $44.41 and a 200 day simple moving average of $44.42. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26.

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

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is presently 82.24%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FAST shares. Barclays decreased their target price on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Thursday, November 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, Sanford C. Bernstein initiated coverage on Fastenal in a research report on Tuesday, November 11th. They set an “underperform” rating and a $38.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $46.32.

Fastenal 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.