Meiji Yasuda Asset Management Co Ltd. Makes New $7.01 Million Investment in Fastenal Company $FAST

Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 145,972 shares of the company’s stock, valued at approximately $7,011,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new position in Fastenal in the second quarter worth $5,105,454,000. Bank of New York Mellon Corp acquired a new position in Fastenal in the second quarter worth about $859,310,000. Norges Bank acquired a new stake in Fastenal during the fourth quarter valued at approximately $646,046,000. Wellington Management Group LLP boosted its holdings in Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after purchasing an additional 8,574,208 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Fastenal stock opened at $51.26 on Monday. The stock has a 50-day simple moving average of $47.96 and a 200 day simple moving average of $46.38. The stock has a market capitalization of $58.82 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the company posted $0.29 EPS. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently commented on FAST. DA Davidson reaffirmed a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Barclays dropped their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Wolfe Research reaffirmed an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $49.17.

Insider Activity at Fastenal

In other news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction 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 directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company’s stock.

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.