Korea Investment CORP Invests $35.47 Million in Fastenal Company $FAST

Korea Investment CORP bought a new stake in shares of Fastenal Company (NASDAQ:FAST) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 738,428 shares of the company’s stock, valued at approximately $35,467,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. EP Wealth Advisors LLC purchased a new position in Fastenal in the 2nd quarter worth about $1,197,000. Pinnacle West Asset Management Inc. purchased a new stake in Fastenal during the second quarter valued at about $421,000. Callan Family Office LLC acquired a new position in shares of Fastenal in the second quarter worth about $1,460,000. G2 Capital Management LLC OH acquired a new position in shares of Fastenal in the second quarter worth about $376,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in shares of Fastenal in the second quarter worth approximately $154,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FAST shares. Morgan Stanley boosted their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research note on Friday, August 7th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Finally, DA Davidson restated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.17.

Fastenal Stock Up 1.2%

FAST stock opened at $51.26 on Friday. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The company has a market cap of $58.82 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 3.20 and a beta of 0.72. The company has a 50 day moving average of $47.96 and a two-hundred day moving average of $46.37.

Fastenal (NASDAQ:FAST) last issued its 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. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. On average, equities analysts anticipate 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 will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is 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 yield of 2.0%. Fastenal’s payout ratio is 88.14%.

Insiders Place Their Bets

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the business’s 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 transaction, the director owned 20,000 shares in the company, valued at $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 is available through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the company’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 transaction, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by company insiders.

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.