Dearborn Partners LLC Invests $17.50 Million in Fastenal Company $FAST

Dearborn Partners LLC acquired a new stake in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 377,076 shares of the company’s stock, valued at approximately $17,496,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Fastenal during the 2nd quarter worth approximately $5,105,454,000. Bank of New York Mellon Corp acquired a new position in Fastenal during the 2nd quarter valued at approximately $859,310,000. Norges Bank purchased a new position in shares of Fastenal in the fourth quarter worth $646,046,000. Wellington Management Group LLP lifted its stake in shares of Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after buying an additional 8,574,208 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of Fastenal during the second quarter worth $410,919,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Down 0.0%

Shares of Fastenal stock opened at $51.13 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The firm has a fifty day moving average price of $48.38 and a 200 day moving average price of $46.48. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The stock has a market cap of $58.67 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 3.19 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm’s revenue was up 14.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 earnings per share. Equities research analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were issued a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal’s payout ratio is presently 88.14%.

Wall Street Analyst Weigh In

FAST has been the topic of several research reports. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Barclays lowered their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Weiss Ratings raised Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Wolfe Research restated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $46.00 target price on shares of Fastenal in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $49.17.

Insider Transactions at Fastenal

In other news, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by corporate insiders.

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.