Fastenal Company $FAST Shares Purchased by TD Asset Management Inc

TD Asset Management Inc increased its stake in shares of Fastenal Company (NASDAQ:FAST) by 90.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,934,558 shares of the company’s stock after purchasing an additional 2,337,187 shares during the period. TD Asset Management Inc’s holdings in Fastenal were worth $207,251,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund lifted its position in Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock worth $3,817,000 after acquiring an additional 130 shares in the last quarter. Welch & Forbes LLC lifted its position in Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after acquiring an additional 135 shares in the last quarter. Principal Securities Inc. lifted its position in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after acquiring an additional 140 shares in the last quarter. Essex Financial Services Inc. lifted its position in Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock worth $688,000 after acquiring an additional 147 shares in the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FAST shares. JPMorgan Chase & Co. boosted their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an “equal weight” rating in a research report on Thursday, July 3rd. Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and upped their target price for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Finally, Stephens upped their target price on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $47.05.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $42.33 on Tuesday. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $48.58 billion, a price-to-earnings ratio of 40.70, a price-to-earnings-growth ratio of 4.15 and a beta of 0.94. The business has a 50 day simple moving average of $48.20 and a 200-day simple moving average of $43.97.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the firm posted $0.26 earnings per share. Fastenal’s revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts expect 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. Stockholders of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s payout ratio is 84.62%.

Insider Transactions at Fastenal

In other news, insider Jeffery Michael Watts sold 48,724 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president owned 11,994 shares of the company’s stock, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock valued at $5,288,364 over the last 90 days. Insiders own 0.37% of the company’s stock.

About Fastenal

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.