M&G Plc Invests $11.21 Million in Fastenal (NASDAQ:FAST)

M&G Plc acquired a new position in shares of Fastenal (NASDAQ:FAST) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 145,616 shares of the company’s stock, valued at approximately $11,212,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp raised its stake in shares of Fastenal by 5.7% during the 4th quarter. Van ECK Associates Corp now owns 101,713 shares of the company’s stock worth $6,588,000 after purchasing an additional 5,509 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of Fastenal during the 4th quarter worth approximately $747,000. Raymond James & Associates raised its stake in shares of Fastenal by 3.7% during the 4th quarter. Raymond James & Associates now owns 900,171 shares of the company’s stock worth $58,304,000 after purchasing an additional 31,814 shares in the last quarter. Focus Financial Network Inc. ADV bought a new stake in shares of Fastenal during the 4th quarter worth approximately $1,282,000. Finally, ICW Investment Advisors LLC raised its stake in shares of Fastenal by 2.0% during the 4th quarter. ICW Investment Advisors LLC now owns 36,090 shares of the company’s stock worth $2,338,000 after purchasing an additional 694 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, Director Hsenghung Sam Hsu bought 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP James C. Jansen sold 11,428 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total value of $732,191.96. Following the transaction, the executive vice president now owns 26,176 shares in the company, valued at $1,677,096.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Hsenghung Sam Hsu bought 500 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was bought at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Trading Down 1.4 %

Fastenal stock traded down $0.94 during trading hours on Friday, hitting $67.89. The stock had a trading volume of 3,226,519 shares, compared to its average volume of 3,506,375. The company has a quick ratio of 2.49, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The stock has a market cap of $38.88 billion, a price-to-earnings ratio of 33.78, a P/E/G ratio of 3.66 and a beta of 1.01. Fastenal has a one year low of $53.83 and a one year high of $79.04. The business’s 50 day simple moving average is $65.04 and its 200-day simple moving average is $68.65.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. On average, equities analysts predict that Fastenal will post 2.06 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, July 25th. This represents a $1.56 annualized dividend and a dividend yield of 2.30%. Fastenal’s payout ratio is 77.61%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. HSBC boosted their target price on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, April 15th. Jefferies Financial Group reduced their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus reissued a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Loop Capital dropped their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Finally, Stephens restated an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $66.67.

About Fastenal

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.