Daiwa Securities Group Inc. Raises Stake in Fastenal (NASDAQ:FAST)

Daiwa Securities Group Inc. boosted its holdings in shares of Fastenal (NASDAQ:FAST) by 9.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 174,968 shares of the company’s stock after buying an additional 15,553 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Fastenal were worth $12,496,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in shares of Fastenal in the 3rd quarter valued at $25,000. Knuff & Co LLC acquired a new position in shares of Fastenal in the third quarter worth about $27,000. Central Valley Advisors LLC acquired a new position in shares of Fastenal in the second quarter worth about $28,000. Triad Wealth Partners LLC purchased a new stake in shares of Fastenal during the 2nd quarter worth about $32,000. Finally, Crewe Advisors LLC increased its stake in shares of Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after purchasing an additional 428 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fastenal

In other Fastenal news, insider William Joseph Drazkowski sold 16,362 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the completion of the transaction, the insider now owns 5,997 shares of the company’s stock, valued at $465,667.05. This trade represents a 73.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Anthony Paul Broersma sold 680 shares of Fastenal stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total transaction of $52,944.80. The disclosure for this sale can be found here. Insiders sold 208,289 shares of company stock worth $16,123,438 in the last 90 days. Insiders own 0.41% of the company’s stock.

Fastenal Trading Up 0.9 %

Shares of Fastenal stock opened at $83.08 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.40 and a quick ratio of 2.29. The stock’s 50 day simple moving average is $76.26 and its 200-day simple moving average is $69.76. The stock has a market cap of $47.60 billion, a P/E ratio of 41.33, a P/E/G ratio of 4.87 and a beta of 0.99. Fastenal has a 1-year low of $59.47 and a 1-year high of $84.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Fastenal had a return on equity of 33.30% and a net margin of 15.44%. The company had revenue of $1.91 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the previous year, the company posted $0.52 earnings per share. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts predict that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, October 25th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.56 annualized dividend and a yield of 1.88%. Fastenal’s payout ratio is 77.61%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. UBS Group initiated coverage on Fastenal in a report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price objective on the stock. Morgan Stanley boosted their price target on shares of Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a report on Monday, October 14th. Bank of America assumed coverage on shares of Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Stephens boosted their target price on shares of Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, Robert W. Baird raised their price target on shares of Fastenal from $67.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $74.80.

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.