Assenagon Asset Management S.A. Lowers Stake in Fastenal Company $FAST

Assenagon Asset Management S.A. lessened its holdings in Fastenal Company (NASDAQ:FAST) by 61.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 273,072 shares of the company’s stock after selling 439,203 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Fastenal were worth $13,391,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Fastenal by 103.5% in the 2nd 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 during the last quarter. State Street Corp raised its stake in Fastenal by 99.6% during the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock valued at $2,281,330,000 after buying an additional 27,107,520 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Fastenal by 103.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after acquiring an additional 23,380,022 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fastenal by 103.8% in the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after acquiring an additional 18,329,847 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock worth $1,463,743,000 after acquiring an additional 16,308,254 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In related news, Director Hsenghung Sam Hsu purchased 1,000 shares of Fastenal stock in a transaction on Thursday, November 13th. The stock was acquired at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at $495,800. This represents a 11.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sarah N. Nielsen acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The stock was bought at an average cost of $39.60 per share, for a total transaction of $39,600.00. Following the purchase, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 3,000 shares of company stock worth $131,630. 0.37% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Wolfe Research upgraded shares of Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective for the company in a research note on Thursday, November 13th. UBS Group upgraded shares of Fastenal from a “hold” rating to a “buy” rating and upped their target price for the stock from $45.00 to $52.00 in a research note on Monday, December 15th. Sanford C. Bernstein began coverage on shares of Fastenal in a research report on Tuesday, November 11th. They set an “underperform” rating and a $38.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price objective on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.73.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $42.35 on Friday. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $48.62 billion, a PE ratio of 39.58, a price-to-earnings-growth ratio of 3.39 and a beta of 0.89. The firm’s 50 day moving average price is $41.33 and its 200-day moving average price is $44.42. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, October 14th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the company posted $0.26 earnings per share. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. Equities research analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

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.