Sumitomo Mitsui Trust Holdings Inc. Has $122.97 Million Position in Fastenal (NASDAQ:FAST)

Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Fastenal (NASDAQ:FAST) by 4.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,594,140 shares of the company’s stock after buying an additional 60,689 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Fastenal were worth $122,972,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FAST. Morgan Stanley boosted its position in Fastenal by 4.1% during the 3rd quarter. Morgan Stanley now owns 8,582,669 shares of the company’s stock worth $468,957,000 after acquiring an additional 337,168 shares during the last quarter. Baird Financial Group Inc. boosted its position in Fastenal by 15.2% during the 4th quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after acquiring an additional 1,043,529 shares during the last quarter. Royal Bank of Canada boosted its position in Fastenal by 9.3% during the 3rd quarter. Royal Bank of Canada now owns 6,651,629 shares of the company’s stock worth $363,445,000 after acquiring an additional 568,372 shares during the last quarter. Norges Bank acquired a new position in Fastenal during the 4th quarter worth approximately $405,513,000. Finally, Envestnet Asset Management Inc. raised its stake in shares of Fastenal by 2.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock worth $310,931,000 after purchasing an additional 109,028 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FAST shares. Loop Capital dropped their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research note on Monday, April 15th. Robert W. Baird dropped their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. HSBC increased their price target on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus increased their price target on Fastenal from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $68.80.

Fastenal Price Performance

NASDAQ:FAST traded up $0.10 during trading hours on Wednesday, hitting $62.86. The company’s stock had a trading volume of 280,758 shares, compared to its average volume of 3,712,044. The stock has a fifty day simple moving average of $65.73 and a 200-day simple moving average of $68.64. The company has a market capitalization of $35.99 billion, a P/E ratio of 31.07, a PEG ratio of 3.36 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49. Fastenal has a twelve month low of $53.83 and a twelve month high of $79.04.

Fastenal (NASDAQ:FAST) last posted its earnings results on Thursday, April 11th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.01). The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.68% and a return on equity of 33.98%. Fastenal’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 earnings per share. On average, analysts anticipate that Fastenal will post 2.08 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 23rd. Stockholders of record on Thursday, April 25th were given a dividend of $0.39 per share. The ex-dividend date was Wednesday, April 24th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.48%. Fastenal’s dividend payout ratio (DPR) is 77.23%.

Insider Transactions at Fastenal

In other Fastenal news, Director Daniel L. Johnson bought 3,350 shares of the stock in a transaction on Wednesday, April 17th. The stock was acquired at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the acquisition, the director now owns 10,595 shares in the company, valued at approximately $724,486.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Daniel L. Johnson acquired 3,350 shares of Fastenal stock in a transaction on Wednesday, April 17th. The stock was purchased at an average price of $68.38 per share, with a total value of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP James C. Jansen sold 11,428 shares of Fastenal stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the transaction, the executive vice president now directly owns 26,176 shares in the company, valued at approximately $1,677,096.32. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.