Danske Bank A S Acquires Shares of 726,037 Fastenal Company $FAST

Danske Bank A S acquired a new stake in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 726,037 shares of the company’s stock, valued at approximately $34,872,000. Danske Bank A S owned 0.06% of Fastenal as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Diversify Advisory Services LLC bought a new stake in Fastenal during the 2nd quarter valued at $282,000. Wealthfront Advisers LLC bought a new stake in Fastenal in the 2nd quarter worth $9,746,000. Main Street Financial Solutions LLC bought a new stake in Fastenal in the 2nd quarter worth $267,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Fastenal in the second quarter valued at about $26,000. Finally, Meeder Advisory Services Inc. purchased a new position in shares of Fastenal in the second quarter valued at about $1,900,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.3%

NASDAQ FAST opened at $51.44 on Thursday. 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 twelve month low of $38.97 and a twelve month high of $52.92. The firm has a market capitalization of $59.03 billion, a PE ratio of 43.59, a P/E/G ratio of 3.20 and a beta of 0.72. The stock’s 50 day moving average is $47.78 and its 200 day moving average is $46.28.

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

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal’s dividend payout ratio is 88.14%.

Insider Transactions at Fastenal

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

Analyst Ratings Changes

Several research firms recently issued reports on FAST. Wolfe Research reissued an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Morgan Stanley upped their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Finally, Barclays reduced their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $49.17.

About Fastenal

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.