Resona Asset Management Co. Ltd. Grows Stock Holdings in Fastenal Company $FAST

Resona Asset Management Co. Ltd. grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 107.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 505,062 shares of the company’s stock after acquiring an additional 261,735 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Fastenal were worth $21,208,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Welch & Forbes LLC increased its stake in Fastenal by 0.4% in the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock valued at $2,559,000 after purchasing an additional 135 shares in the last quarter. Principal Securities Inc. increased its holdings in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock valued at $1,142,000 after acquiring an additional 140 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Valeo Financial Advisors LLC raised its position in Fastenal by 1.5% during the first quarter. Valeo Financial Advisors LLC now owns 10,495 shares of the company’s stock worth $814,000 after acquiring an additional 153 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its holdings in shares of Fastenal by 3.1% in the first quarter. Pinnacle Associates Ltd. now owns 5,057 shares of the company’s stock valued at $392,000 after purchasing an additional 154 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on FAST shares. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Robert W. Baird dropped their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Finally, Stephens lifted their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. One investment 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.50.

Insiders Place Their Bets

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction on Friday, August 15th. The stock was 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 of the company’s stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the stock in a transaction on Thursday, October 16th. The shares were purchased at an average cost of $42.45 per share, with a total value of $42,450.00. Following the transaction, the director owned 9,000 shares of the company’s stock, valued at $382,050. This trade represents a 12.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.37% of the company’s stock.

Fastenal Trading Down 2.2%

NASDAQ FAST opened at $40.77 on Friday. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a 50-day moving average of $45.75 and a 200-day moving average of $44.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The company has a market cap of $46.81 billion, a P/E ratio of 38.10, a P/E/G ratio of 3.75 and a beta of 0.92.

Fastenal (NASDAQ:FAST) last released its earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted $0.26 earnings per share. Fastenal’s revenue was up 11.7% on a year-over-year basis. As a group, equities analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders 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 dividend yield of 2.2%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio is presently 82.24%.

Fastenal Company 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.