Rakuten Investment Management Inc. Acquires 38,380 Shares of Fastenal Company $FAST

Rakuten Investment Management Inc. grew its holdings in Fastenal Company (NASDAQ:FAST) by 16.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 276,617 shares of the company’s stock after buying an additional 38,380 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Fastenal were worth $13,112,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Elyxium Wealth LLC bought a new stake in Fastenal during the 4th quarter worth about $25,000. Palladiem LLC bought a new position in shares of Fastenal in the fourth quarter worth about $25,000. Evergreen Advisors LLC acquired a new position in shares of Fastenal during the first quarter worth approximately $26,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Fastenal during the second quarter worth approximately $26,000. Finally, MV Capital Management Inc. bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $29,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FAST shares. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Wolfe Research reiterated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. DA Davidson restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Robert W. Baird set a $54.00 price target on Fastenal in a research note on Friday, August 7th. Finally, Barclays cut their price target 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 analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $49.17.

Fastenal Stock Performance

Shares of Fastenal stock opened at $49.78 on Friday. The stock’s fifty day simple moving average is $48.45 and its 200 day simple moving average is $46.50. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $57.12 billion, a PE ratio of 42.19, a PEG ratio of 3.19 and a beta of 0.72. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92.

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

Fastenal Increases Dividend

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

Insider Buying and Selling

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred 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 owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 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.