OMERS ADMINISTRATION Corp Buys 46,058 Shares of Fastenal Company $FAST

OMERS ADMINISTRATION Corp grew its stake in Fastenal Company (NASDAQ:FAST) by 96.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,826 shares of the company’s stock after buying an additional 46,058 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Fastenal were worth $4,354,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FAST. Lombard Odier Asset Management Switzerland SA lifted its holdings in shares of Fastenal by 40.0% during the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 16,178 shares of the company’s stock worth $751,000 after acquiring an additional 4,621 shares during the last quarter. Waverly Advisors LLC increased its stake in Fastenal by 5.7% in the first quarter. Waverly Advisors LLC now owns 164,578 shares of the company’s stock valued at $7,636,000 after acquiring an additional 8,931 shares during the last quarter. Wealth Alliance LLC raised its position in Fastenal by 14.2% during the first quarter. Wealth Alliance LLC now owns 11,583 shares of the company’s stock valued at $537,000 after purchasing an additional 1,436 shares in the last quarter. GC Wealth Management RIA LLC raised its position in Fastenal by 4.8% during the first quarter. GC Wealth Management RIA LLC now owns 23,696 shares of the company’s stock valued at $1,099,000 after purchasing an additional 1,088 shares in the last quarter. Finally, Modern Wealth Management LLC lifted its stake in Fastenal by 11.8% during the first quarter. Modern Wealth Management LLC now owns 13,436 shares of the company’s stock worth $627,000 after purchasing an additional 1,418 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Barclays cut their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Bank of America raised their price objective on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Robert W. Baird reduced their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Finally, Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $48.83.

Fastenal Stock Up 1.3%

Shares of NASDAQ:FAST opened at $47.64 on Tuesday. The stock’s 50-day moving average price is $46.00 and its 200-day moving average price is $45.43. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The stock has a market capitalization of $54.67 billion, a P/E ratio of 40.37, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. On average, equities analysts anticipate that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. Fastenal’s payout ratio is presently 81.36%.

Fastenal Company 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.