Nordea Investment Management AB raised its holdings in Fastenal (NASDAQ:FAST) by 20.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,439 shares of the company’s stock after purchasing an additional 12,020 shares during the quarter. Nordea Investment Management AB’s holdings in Fastenal were worth $3,211,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in Fastenal by 3.1% in the second quarter. Vanguard Group Inc. now owns 31,573,149 shares of the company’s stock valued at $1,374,380,000 after purchasing an additional 943,262 shares during the period. BlackRock Inc. raised its position in Fastenal by 1.9% in the second quarter. BlackRock Inc. now owns 17,796,450 shares of the company’s stock valued at $774,680,000 after purchasing an additional 336,893 shares during the period. Bank of New York Mellon Corp raised its position in Fastenal by 8.7% in the third quarter. Bank of New York Mellon Corp now owns 16,219,944 shares of the company’s stock valued at $739,306,000 after purchasing an additional 1,297,185 shares during the period. Principal Financial Group Inc. raised its position in Fastenal by 5.1% in the second quarter. Principal Financial Group Inc. now owns 2,494,090 shares of the company’s stock valued at $108,567,000 after purchasing an additional 121,909 shares during the period. Finally, Mcdonald Capital Investors Inc. CA raised its position in Fastenal by 4.7% in the third quarter. Mcdonald Capital Investors Inc. CA now owns 2,285,396 shares of the company’s stock valued at $104,168,000 after purchasing an additional 103,147 shares during the period. Institutional investors own 84.65% of the company’s stock.
Shares of Fastenal (FAST) opened at $52.18 on Monday. The company has a quick ratio of 2.45, a current ratio of 5.36 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $14,996.01, a price-to-earnings ratio of 27.76, a P/E/G ratio of 1.93 and a beta of 1.08. Fastenal has a 1-year low of $39.79 and a 1-year high of $52.89.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 22nd. Investors of record on Wednesday, October 25th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, October 24th. This represents a $1.28 annualized dividend and a dividend yield of 2.45%. Fastenal’s dividend payout ratio is presently 68.09%.
In other Fastenal news, insider James C. Jansen sold 10,000 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $48.50, for a total transaction of $485,000.00. Following the sale, the insider now owns 22,588 shares in the company, valued at approximately $1,095,518. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Terry Modock Owen sold 30,000 shares of the company’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $48.02, for a total value of $1,440,600.00. The disclosure for this sale can be found here. Insiders sold a total of 80,112 shares of company stock worth $3,879,832 in the last quarter. Company insiders own 0.55% of the company’s stock.
A number of research firms have commented on FAST. BMO Capital Markets restated a “market perform” rating and issued a $51.00 target price (up previously from $46.00) on shares of Fastenal in a research report on Tuesday, October 10th. Morgan Stanley restated an “equal weight” rating and issued a $46.00 target price (up previously from $44.00) on shares of Fastenal in a research report on Monday, October 2nd. Stephens set a $54.00 target price on Fastenal and gave the company a “buy” rating in a research report on Wednesday, October 11th. KeyCorp restated a “buy” rating and issued a $52.00 target price on shares of Fastenal in a research report on Thursday, October 12th. Finally, BidaskClub downgraded Fastenal from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $50.80.
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Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company is engaged in fastener distribution, and non-fastener maintenance and supply business. As of December 31, 2016, it distributed these supplies through a network of approximately 2,500 stores. Its customers are in the manufacturing and non-residential construction markets.
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