Nomura Asset Management Co. Ltd. Increases Position in Fastenal (FAST)
Nomura Asset Management Co. Ltd. lifted its position in shares of Fastenal (NASDAQ:FAST) by 5.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,259 shares of the company’s stock after buying an additional 2,468 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Fastenal were worth $2,858,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in shares of Fastenal by 4.5% during the 2nd quarter. CIBC Asset Management Inc now owns 39,775 shares of the company’s stock valued at $1,914,000 after buying an additional 1,708 shares in the last quarter. Global X Management Co LLC grew its position in Fastenal by 16.4% during the 2nd quarter. Global X Management Co LLC now owns 69,024 shares of the company’s stock worth $3,322,000 after acquiring an additional 9,734 shares during the last quarter. Marshall Wace LLP bought a new position in Fastenal during the 2nd quarter worth approximately $1,322,000. Achmea Investment Management B.V. grew its position in Fastenal by 28.7% during the 2nd quarter. Achmea Investment Management B.V. now owns 66,651 shares of the company’s stock worth $3,204,000 after acquiring an additional 14,857 shares during the last quarter. Finally, Bank of Montreal Can grew its position in Fastenal by 23.8% during the 3rd quarter. Bank of Montreal Can now owns 494,532 shares of the company’s stock worth $28,693,000 after acquiring an additional 95,225 shares during the last quarter. 84.37% of the stock is currently owned by institutional investors.
Shares of FAST stock opened at $55.38 on Wednesday. The company has a market capitalization of $16.50 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 1.59 and a beta of 1.01. Fastenal has a fifty-two week low of $47.37 and a fifty-two week high of $61.14. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.48 and a current ratio of 5.35.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, October 24th will be given a $0.40 dividend. The ex-dividend date is Tuesday, October 23rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.89%. Fastenal’s dividend payout ratio is currently 82.90%.
In other Fastenal news, CEO Daniel L. Florness acquired 2,000 shares of the business’s stock in a transaction dated Friday, October 12th. The shares were purchased at an average cost of $51.95 per share, for a total transaction of $103,900.00. Following the transaction, the chief executive officer now owns 99,845 shares in the company, valued at $5,186,947.75. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Holden Lewis purchased 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 16th. The shares were purchased at an average price of $52.28 per share, for a total transaction of $26,140.00. Following the completion of the transaction, the chief financial officer now directly owns 3,500 shares of the company’s stock, valued at $182,980. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 5,795 shares of company stock worth $299,849. Corporate insiders own 0.56% of the company’s stock.
Several equities analysts recently issued reports on the company. ValuEngine upgraded Fastenal from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. BidaskClub upgraded Fastenal from a “hold” rating to a “buy” rating in a research report on Saturday. Northcoast Research restated a “buy” rating and set a $62.00 price target on shares of Fastenal in a research report on Friday, July 27th. Zacks Investment Research lowered Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday, November 13th. Finally, Wells Fargo & Co set a $50.00 price target on Fastenal and gave the stock a “hold” rating in a research report on Thursday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Fastenal currently has an average rating of “Hold” and a consensus target price of $56.40.
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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