Van ECK Associates Corp Lowers Holdings in Fastenal Company $FAST

Van ECK Associates Corp decreased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 4.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 408,128 shares of the company’s stock after selling 19,493 shares during the quarter. Van ECK Associates Corp’s holdings in Fastenal were worth $19,602,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan lifted its stake in shares of Fastenal by 6.7% in the 2nd quarter. Nissay Asset Management Corp Japan now owns 903,647 shares of the company’s stock valued at $43,402,000 after purchasing an additional 57,030 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Fastenal by 35.0% during the second quarter. Hsbc Holdings PLC now owns 4,795,323 shares of the company’s stock worth $230,169,000 after buying an additional 1,243,583 shares during the period. Beacon Pointe Advisors LLC increased its position in shares of Fastenal by 15.9% during the second quarter. Beacon Pointe Advisors LLC now owns 270,842 shares of the company’s stock valued at $13,009,000 after acquiring an additional 37,198 shares during the last quarter. Rakuten Investment Management Inc. increased its position in shares of Fastenal by 16.1% during the second quarter. Rakuten Investment Management Inc. now owns 276,617 shares of the company’s stock valued at $13,112,000 after acquiring an additional 38,380 shares during the last quarter. Finally, Glenview Trust Co purchased a new stake in shares of Fastenal in the 2nd quarter valued at approximately $3,476,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Fastenal stock opened at $49.78 on Monday. 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 52-week low of $38.97 and a 52-week high of $52.92. The firm has a market cap of $57.12 billion, a PE ratio of 42.19, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. The company’s 50 day moving average is $48.45 and its two-hundred day moving average is $46.50.

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

Fastenal Increases Dividend

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

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction dated 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 sale, the director owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value 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. This represents a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Wolfe Research restated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Morgan Stanley raised their price target on Fastenal from $48.00 to $52.00 and gave the stock 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 company a “buy” rating in a research note on Monday, July 13th. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $49.17.

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.