Bank of New York Mellon Corp Has $1.52 Billion Stake in Fastenal Company $FAST

Bank of New York Mellon Corp reduced its stake in Fastenal Company (NASDAQ:FAST) by 10.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,086,028 shares of the company’s stock after selling 3,765,008 shares during the period. Bank of New York Mellon Corp’s holdings in Fastenal were worth $1,524,459,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Fastenal by 103.5% during the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock worth $6,265,119,000 after buying an additional 75,852,223 shares in the last quarter. State Street Corp increased its holdings in Fastenal by 99.6% in the 2nd quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after purchasing an additional 27,107,520 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Fastenal by 103.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after purchasing an additional 23,380,022 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Fastenal by 103.8% during the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock valued at $1,506,141,000 after purchasing an additional 18,329,847 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Fastenal during the second quarter valued at about $638,648,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In related news, Director Sarah N. Nielsen bought 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the transaction, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. The trade was a 25.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the sale, the director owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FAST. UBS Group reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Barclays set a $43.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, January 21st. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Robert W. Baird reduced their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $48.00.

Fastenal Price Performance

FAST stock opened at $43.95 on Wednesday. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The firm has a market cap of $50.46 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 2.79 and a beta of 0.90. The company’s fifty day simple moving average is $41.63 and its 200 day simple moving average is $44.47. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS. On average, analysts expect that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be issued a $0.24 dividend. The ex-dividend date is Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Fastenal’s dividend payout ratio is presently 80.00%.

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.