Legal & General Group Plc Sells 259,604 Shares of Fastenal Company $FAST

Legal & General Group Plc decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 2.9% in the 4th quarter, Holdings Channel reports. The firm owned 8,784,736 shares of the company’s stock after selling 259,604 shares during the quarter. Legal & General Group Plc’s holdings in Fastenal were worth $352,531,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FAST. Bank of America Corp DE raised its holdings in Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Fastenal by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after acquiring an additional 2,346,045 shares in the last quarter. Invesco Ltd. increased its stake in shares of Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after acquiring an additional 2,242,116 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Fastenal by 1,039.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after acquiring an additional 2,132,593 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Fastenal by 90.7% in the 3rd quarter. American Century Companies Inc. now owns 3,590,292 shares of the company’s stock valued at $176,068,000 after acquiring an additional 1,707,396 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

In related news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.28% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $44.45 on Wednesday. The company has a fifty day simple moving average of $45.02 and a 200 day simple moving average of $43.77. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The company has a market cap of $51.03 billion, a P/E ratio of 38.99, a PEG ratio of 2.80 and a beta of 0.75.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the firm posted $0.52 EPS. Fastenal’s revenue was up 12.4% compared to the same quarter last year. Sell-side analysts predict that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is presently 84.21%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FAST shares. Morgan Stanley reiterated a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Barclays lifted their price objective on shares of Fastenal from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. lifted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Robert W. Baird lowered their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Finally, Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $49.77.

About Fastenal

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.