Handelsbanken Fonder AB Grows Position in Fastenal Company $FAST

Handelsbanken Fonder AB boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 103.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 732,268 shares of the company’s stock after purchasing an additional 373,176 shares during the period. Handelsbanken Fonder AB owned about 0.06% of Fastenal worth $30,755,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Fastenal by 103.5% during the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after buying an additional 75,852,223 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Fastenal by 103.8% during the 2nd quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock valued at $1,506,141,000 after acquiring an additional 18,329,847 shares during the period. Bank of New York Mellon Corp grew its position in Fastenal by 87.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after acquiring an additional 16,308,254 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Fastenal by 103.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock valued at $408,849,000 after acquiring an additional 4,950,503 shares during the last quarter. Finally, Cantillon Capital Management LLC increased its stake in Fastenal by 94.4% in the second quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock worth $390,517,000 after purchasing an additional 4,513,985 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $39.91 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The company has a 50 day moving average price of $43.92 and a 200-day moving average price of $44.34. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The stock has a market capitalization of $45.82 billion, a PE ratio of 37.30, a PEG ratio of 3.75 and a beta of 0.92.

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

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Insider Transactions 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 purchased 1,000 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were purchased at an average cost of $49.58 per share, with a total value of $49,580.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. The trade was a 11.11% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 3,000 shares of company stock worth $131,630. 0.37% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FAST has been the topic of a number of research analyst reports. Sanford C. Bernstein started coverage on shares of Fastenal in a report on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 price target on the stock. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Robert W. Baird lowered their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Finally, Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective on the stock in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have issued a Hold rating and two have given 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 $46.32.

Fastenal Company 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.