The Manufacturers Life Insurance Company Buys New Shares in Fastenal Company $FAST

The Manufacturers Life Insurance Company purchased a new stake in shares of Fastenal Company (NASDAQ:FAST) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 739,046 shares of the company’s stock, valued at approximately $35,495,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Elyxium Wealth LLC bought a new position in shares of Fastenal in the fourth quarter worth about $25,000. Palladiem LLC bought a new position in shares of Fastenal during the 4th quarter valued at approximately $25,000. Evergreen Advisors LLC bought a new position in shares of Fastenal during the 1st quarter valued at approximately $26,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Fastenal during the 2nd quarter valued at approximately $26,000. Finally, MV Capital Management Inc. purchased a new stake in Fastenal in the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $51.15 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm has a fifty day moving average price of $48.27 and a 200 day moving average price of $46.45. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The firm has a market cap of $58.69 billion, a price-to-earnings ratio of 43.35, a P/E/G ratio of 3.14 and a beta of 0.72.

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, meeting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. Fastenal’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. As a group, sell-side analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Analysts Set New Price Targets

A number of equities research analysts have commented on FAST shares. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Barclays reduced their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Weiss Ratings downgraded shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Finally, Wolfe Research restated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $49.17.

Insider Activity

In other news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company’s stock.

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.