Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Holdings in Fastenal (NASDAQ:FAST)

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Fastenal (NASDAQ:FAST) by 1.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,330 shares of the company’s stock after buying an additional 562 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fastenal were worth $3,260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its holdings in Fastenal by 13.8% during the fourth quarter. Signaturefd LLC now owns 7,339 shares of the company’s stock worth $475,000 after buying an additional 891 shares in the last quarter. abrdn plc boosted its holdings in Fastenal by 50.4% during the fourth quarter. abrdn plc now owns 302,985 shares of the company’s stock worth $19,624,000 after buying an additional 101,503 shares in the last quarter. J.W. Cole Advisors Inc. raised its position in Fastenal by 4.5% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,961 shares of the company’s stock worth $904,000 after acquiring an additional 603 shares during the last quarter. American Financial Advisors LLC acquired a new position in Fastenal during the fourth quarter worth about $222,000. Finally, Lafayette Investments Inc. acquired a new position in Fastenal during the fourth quarter worth about $224,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $67.51 on Wednesday. Fastenal has a 1-year low of $52.28 and a 1-year high of $79.04. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49. The firm has a 50 day simple moving average of $73.54 and a 200-day simple moving average of $66.63. The firm has a market cap of $38.65 billion, a PE ratio of 33.42, a P/E/G ratio of 3.53 and a beta of 1.05.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same period last year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts expect that Fastenal will post 2.12 EPS for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Investors of record on Thursday, April 25th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, April 24th. Fastenal’s dividend payout ratio (DPR) is 77.23%.

Insider Buying and Selling

In related news, insider William Joseph Drazkowski sold 11,968 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $69.10, for a total transaction of $826,988.80. Following the completion of the transaction, the insider now owns 5,997 shares of the company’s stock, valued at $414,392.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fastenal news, insider William Joseph Drazkowski sold 11,968 shares of the business’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $69.10, for a total transaction of $826,988.80. Following the completion of the sale, the insider now directly owns 5,997 shares in the company, valued at $414,392.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel L. Johnson acquired 3,350 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were acquired at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares of the company’s stock, valued at $724,486.10. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 48,050 shares of company stock valued at $3,411,049. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FAST. Stifel Nicolaus lifted their target price on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Loop Capital cut their target price on shares of Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. HSBC lifted their target price on shares of Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research report on Monday, April 15th. Finally, Robert W. Baird cut their target price on shares of Fastenal from $77.00 to $71.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $67.67.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.