Mitsubishi UFJ Asset Management Co. Ltd. Buys 1,270,005 Shares of Fastenal Company $FAST

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Fastenal Company (NASDAQ:FAST) by 110.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,419,119 shares of the company’s stock after buying an additional 1,270,005 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Fastenal were worth $101,603,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FAST. Patton Fund Management Inc. bought a new position in shares of Fastenal in the 2nd quarter worth $229,000. Values First Advisors Inc. raised its holdings in Fastenal by 183.0% during the second quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after buying an additional 6,064 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Fastenal by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after buying an additional 1,850,871 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in shares of Fastenal by 7.5% in the first quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock valued at $14,074,000 after buying an additional 12,721 shares in the last quarter. Finally, KLP Kapitalforvaltning AS grew its holdings in shares of Fastenal by 3.9% during the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock valued at $15,180,000 after buying an additional 7,400 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FAST. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Barclays set a $45.00 price objective on Fastenal and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. 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 research report on Tuesday, October 14th. Finally, Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus price target of $46.50.

Fastenal Stock Performance

Shares of FAST opened at $40.85 on Friday. The stock has a 50 day moving average of $45.57 and a 200 day moving average of $44.38. The company has a market capitalization of $46.90 billion, a price-to-earnings ratio of 38.18, a PEG ratio of 3.75 and a beta of 0.92. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share (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 net margin of 15.34% and a return on equity of 32.69%. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 EPS. As a group, sell-side analysts forecast that Fastenal Company will post 2.15 earnings per share for the current 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 issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is 82.24%.

Insider Activity

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, October 16th. The shares were bought at an average price of $42.45 per share, with a total value of $42,450.00. Following the purchase, the director owned 9,000 shares in the company, valued at $382,050. The trade was a 12.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.37% of the company’s stock.

Fastenal 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.