Avanza Fonder AB Takes $4.19 Million Position in Fastenal (NASDAQ:FAST)

Avanza Fonder AB bought a new position in shares of Fastenal (NASDAQ:FAST) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 58,232 shares of the company’s stock, valued at approximately $4,187,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FAST. Aaron Wealth Advisors LLC acquired a new stake in shares of Fastenal during the 3rd quarter worth approximately $310,000. Comgest Global Investors S.A.S. lifted its position in Fastenal by 73.0% in the third quarter. Comgest Global Investors S.A.S. now owns 87,081 shares of the company’s stock worth $6,219,000 after purchasing an additional 36,742 shares during the period. PNC Financial Services Group Inc. boosted its stake in Fastenal by 1.8% during the third quarter. PNC Financial Services Group Inc. now owns 369,267 shares of the company’s stock worth $26,373,000 after buying an additional 6,488 shares in the last quarter. Matrix Trust Co bought a new stake in Fastenal in the 4th quarter valued at $1,756,000. Finally, Franklin Resources Inc. raised its stake in shares of Fastenal by 3.8% in the 3rd quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock valued at $350,703,000 after buying an additional 165,423 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fastenal

In related news, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.92, for a total transaction of $1,970,441.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel L. Florness sold 31,818 shares of Fastenal stock in a transaction on Monday, November 11th. The stock was sold at an average price of $84.50, for a total transaction of $2,688,621.00. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $24,168,521. This represents a 10.01 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,660 shares of company stock worth $6,211,126. Insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $76.08 on Friday. The business has a fifty day moving average of $77.92 and a 200-day moving average of $72.93. The firm has a market cap of $43.59 billion, a PE ratio of 37.85, a price-to-earnings-growth ratio of 3.94 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. Fastenal has a twelve month low of $61.36 and a twelve month high of $84.88.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1,842,560.16 billion. During the same period in the prior year, the firm posted $0.46 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. On average, equities research analysts predict that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.43 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 annualized dividend and a yield of 2.26%. Fastenal’s dividend payout ratio is currently 77.61%.

Analyst Ratings Changes

Several analysts have recently weighed in on FAST shares. Bank of America started coverage on shares of Fastenal in a research report on Monday, October 7th. They set a “buy” rating and a $85.00 target price on the stock. UBS Group assumed coverage on Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price objective on the stock. Morgan Stanley raised their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Robert W. Baird upped their price target on Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Finally, Jefferies Financial Group lifted their price objective on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $77.27.

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.