Connor Clark & Lunn Investment Management Ltd. Acquires New Shares in Fastenal Company $FAST

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 300,398 shares of the company’s stock, valued at approximately $14,428,000.

A number of other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Fastenal during the 2nd quarter worth approximately $5,105,454,000. Bank of New York Mellon Corp purchased a new stake in Fastenal in the 2nd quarter valued at approximately $859,310,000. Norges Bank acquired a new stake in Fastenal during the 4th quarter valued at $646,046,000. Wellington Management Group LLP grew its holdings in Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after buying an additional 8,574,208 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Fastenal by 106.1% during the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after buying an additional 7,943,217 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $50.31 on Wednesday. The business has a 50-day moving average of $48.15 and a two-hundred day moving average of $46.43. The firm has a market capitalization of $57.73 billion, a PE ratio of 42.64, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92.

Fastenal (NASDAQ:FAST) last released 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 return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the company posted $0.29 EPS. The company’s revenue was up 14.7% compared to the same quarter last year. As a group, research analysts forecast that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal’s dividend payout ratio is presently 88.14%.

Insider Buying and Selling

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the business’s 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 completion of the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the 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 directly owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of analyst reports. DA Davidson reissued a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Robert W. Baird set a $54.00 target price on shares of Fastenal in a report on Friday, August 7th. Finally, Barclays decreased their price target on shares of 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 research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal Company 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.