Varma Mutual Pension Insurance Co Has $11.31 Million Position in Fastenal Company $FAST

Varma Mutual Pension Insurance Co increased its stake in Fastenal Company (NASDAQ:FAST) by 11.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 230,600 shares of the company’s stock after acquiring an additional 24,100 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Fastenal were worth $11,309,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC raised its position in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares during the last quarter. Sowell Financial Services LLC grew its position in shares of Fastenal by 4.7% during the 3rd quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after buying an additional 238 shares during the period. Rowlandmiller & PARTNERS.ADV raised its stake in shares of Fastenal by 1.7% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock worth $721,000 after buying an additional 250 shares during the last quarter. SOA Wealth Advisors LLC. lifted its holdings in Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after buying an additional 255 shares during the period. Finally, Harfst & Associates Inc. boosted its stake in Fastenal by 0.4% in the third quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock valued at $3,125,000 after acquiring an additional 256 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sarah N. Nielsen bought 1,000 shares of the company’s stock in a transaction that occurred 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 acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $198,000. This represents a 25.00% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.37% of the stock is currently owned by company insiders.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $46.41 on Friday. The company has a fifty day moving average price of $43.08 and a 200 day moving average price of $44.45. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The firm has a market cap of $53.29 billion, a PE ratio of 42.19, a PEG ratio of 2.90 and a beta of 0.89. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.Fastenal’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 EPS. Research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be issued a dividend of $0.24 per share. The ex-dividend date is Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s dividend payout ratio is currently 87.27%.

Analyst Upgrades and Downgrades

FAST has been the subject of several recent research reports. Wolfe Research dropped their target price on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Robert W. Baird raised their target price on Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Barclays set a $43.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, January 21st. Finally, UBS Group reissued a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $48.18.

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.