Korea Investment CORP Raises Stock Holdings in Fastenal Company $FAST

Korea Investment CORP raised its stake in Fastenal Company (NASDAQ:FAST) by 75.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 794,357 shares of the company’s stock after buying an additional 340,367 shares during the quarter. Korea Investment CORP’s holdings in Fastenal were worth $33,363,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Integrated Wealth Concepts LLC lifted its holdings in shares of Fastenal by 2.4% in 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 during the last quarter. Advisory Alpha LLC raised its position in Fastenal by 5.8% in the first quarter. Advisory Alpha LLC now owns 3,407 shares of the company’s stock valued at $264,000 after purchasing an additional 187 shares during the period. Riverview Trust Co lifted its stake in Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in shares of Fastenal by 10.5% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 3,329 shares of the company’s stock worth $258,000 after buying an additional 317 shares during the period. Finally, Financial Network Wealth Advisors LLC grew its stake in shares of Fastenal by 19.4% in the first quarter. Financial Network Wealth Advisors LLC now owns 1,980 shares of the company’s stock valued at $154,000 after buying an additional 322 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

Shares of Fastenal stock opened at $40.42 on Friday. The business has a 50-day simple moving average of $43.20 and a 200-day simple moving average of $44.36. 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 Company has a one year low of $35.31 and a one year high of $50.63. The company has a market cap of $46.40 billion, a PE ratio of 37.77, a P/E/G ratio of 3.75 and a beta of 0.92.

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

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Insiders Place Their Bets

In other Fastenal news, Director Hsenghung Sam Hsu bought 1,000 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, with a total value of $49,580.00. Following 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 ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sarah N. Nielsen bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were acquired at an average price of $39.60 per share, with a total value of $39,600.00. Following the purchase, the director owned 5,000 shares of the company’s stock, valued at $198,000. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 3,000 shares of company stock worth $131,630. 0.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FAST has been the topic of several research reports. Northcoast Research assumed coverage on Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating on the stock. Sanford C. Bernstein started coverage on shares of Fastenal in a research note on Tuesday, November 11th. They set an “underperform” rating and a $38.00 price target on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Robert W. Baird dropped their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Finally, Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. One 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus 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.