Sumitomo Mitsui Trust Group Inc. Grows Stake in Fastenal Company $FAST

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 6.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,150,253 shares of the company’s stock after purchasing an additional 178,968 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fastenal were worth $154,488,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FAST. Riverview Trust Co grew its holdings in shares of Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after buying an additional 292 shares during the last quarter. Hilltop National Bank purchased a new position in shares of Fastenal in the second quarter worth $27,000. Private Wealth Management Group LLC boosted its position in shares of Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after buying an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in Fastenal in the 2nd quarter worth about $27,000. Finally, Armstrong Advisory Group Inc. boosted its holdings in shares of Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Robert W. Baird dropped their target price on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Monday, December 29th. Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a research note 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 target on the stock in a research report on Thursday, November 13th. Finally, UBS Group upgraded Fastenal from a “hold” rating to a “buy” rating and upped their price objective for the stock from $45.00 to $52.00 in a research note on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus target price of $48.73.

Fastenal Price Performance

NASDAQ:FAST opened at $41.70 on Tuesday. The business’s 50-day simple moving average is $41.02 and its two-hundred day simple moving average is $44.41. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The stock has a market cap of $47.87 billion, a PE ratio of 38.97, a P/E/G ratio of 3.01 and a beta of 0.90. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03.

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

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 stock was purchased at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at $198,000. The trade was a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average cost of $49.58 per share, with a total value of $49,580.00. Following the completion of the purchase, the director directly owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought 3,000 shares of company stock worth $131,630 in the last three months. Insiders own 0.37% of the company’s stock.

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.