Fastenal Company $FAST Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its position in Fastenal Company (NASDAQ:FAST) by 4.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,531,484 shares of the company’s stock after acquiring an additional 68,566 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Fastenal were worth $75,104,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FAST. Vanguard Group Inc. boosted its holdings in Fastenal by 103.5% during the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after acquiring an additional 75,852,223 shares during the period. State Street Corp increased its stake in Fastenal by 99.6% during the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after purchasing an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 103.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after purchasing an additional 23,380,022 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Fastenal by 103.8% in the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock valued at $1,506,141,000 after purchasing an additional 18,329,847 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Fastenal by 87.9% in the second 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 purchasing an additional 16,308,254 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 0.8%

FAST opened at $43.62 on Thursday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The stock has a market capitalization of $50.08 billion, a P/E ratio of 39.65, a price-to-earnings-growth ratio of 2.80 and a beta of 0.90. The business’s 50-day simple moving average is $41.71 and its 200-day simple moving average is $44.46.

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 firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.46 EPS. Analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The business also recently declared 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. This is a boost from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Thursday, January 29th. Fastenal’s dividend payout ratio is 80.00%.

Insider Activity at Fastenal

In other news, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction dated 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 owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This trade represents a 11.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FAST. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Barclays set a $43.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, January 21st. Finally, Wolfe Research lowered their target price on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research note on Wednesday, January 21st. Four investment 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.00.

Fastenal Profile

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.