Mitsubishi UFJ Asset Management Co. Ltd. Makes New $143.71 Million Investment in Fastenal Company $FAST

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Fastenal Company (NASDAQ:FAST) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,992,054 shares of the company’s stock, valued at approximately $143,708,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.26% of Fastenal at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Brighton Jones LLC bought a new position in shares of Fastenal in the fourth quarter worth $496,000. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new stake in Fastenal during the second quarter worth about $158,000. Jump Financial LLC acquired a new stake in Fastenal during the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC grew its stake in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company’s stock.

Fastenal Stock Up 0.1%

Shares of NASDAQ FAST opened at $51.27 on Wednesday. The company has a market cap of $58.83 billion, a price-to-earnings ratio of 43.45, a PEG ratio of 3.18 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The stock has a 50-day moving average price of $47.67 and a two-hundred day moving average price of $46.22.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same period last year, the company posted $0.29 EPS. As a group, analysts forecast that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is currently 88.14%.

Analyst Upgrades and Downgrades

FAST has been the topic of several recent analyst reports. Morgan Stanley raised their target price on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Barclays decreased their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Wolfe Research restated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $49.17.

Fastenal Profile

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.