Mackenzie Financial Corp Sells 458,506 Shares of Fastenal Company $FAST

Mackenzie Financial Corp decreased its stake in shares of Fastenal Company (NASDAQ:FAST) by 19.5% during the third quarter, Holdings Channel reports. The firm owned 1,893,991 shares of the company’s stock after selling 458,506 shares during the quarter. Mackenzie Financial Corp’s holdings in Fastenal were worth $92,881,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Fastenal by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after purchasing an additional 2,346,045 shares during the period. State Street Corp raised its stake in Fastenal by 99.6% during the 2nd 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. lifted its holdings in shares of Fastenal by 103.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock valued at $1,931,830,000 after buying an additional 23,380,022 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fastenal by 103.8% in the 2nd quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after buying an additional 18,329,847 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Fastenal by 141.9% in the 2nd quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock worth $670,898,000 after buying an additional 9,370,909 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.6%

NASDAQ:FAST opened at $46.59 on Thursday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The business has a fifty day moving average price of $44.71 and a 200-day moving average price of $44.21. The firm has a market capitalization of $53.50 billion, a price-to-earnings ratio of 42.35, a price-to-earnings-growth ratio of 2.95 and a beta of 0.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the previous year, the business earned $0.46 earnings per share. Fastenal’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, January 29th. Fastenal’s dividend payout ratio is 87.27%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FAST. Morgan Stanley reiterated a “positive” rating and set a $45.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Barclays raised their target price on Fastenal from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, March 6th. Robert W. Baird boosted their price target on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, March 6th. UBS Group reaffirmed a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $48.83.

Insider Transactions at Fastenal

In related news, Director Scott Satterlee sold 15,964 shares of the stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the sale, the director owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by insiders.

Fastenal Company 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.