China Universal Asset Management Co. Ltd. Raises Stock Holdings in Fastenal (NASDAQ:FAST)

China Universal Asset Management Co. Ltd. raised its position in shares of Fastenal (NASDAQ:FAST) by 111.0% during the 3rd quarter, Holdings Channel reports. The fund owned 7,263 shares of the company’s stock after purchasing an additional 3,821 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Fastenal were worth $519,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FAST. Brookstone Capital Management purchased a new stake in Fastenal during the 1st quarter valued at $316,000. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Fastenal by 4.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,594,140 shares of the company’s stock valued at $122,972,000 after buying an additional 60,689 shares during the period. Norden Group LLC raised its holdings in Fastenal by 2,451.1% during the 1st quarter. Norden Group LLC now owns 119,568 shares of the company’s stock valued at $9,224,000 after buying an additional 114,881 shares during the period. First Trust Direct Indexing L.P. raised its holdings in Fastenal by 8.7% during the 1st quarter. First Trust Direct Indexing L.P. now owns 15,439 shares of the company’s stock valued at $1,191,000 after buying an additional 1,240 shares during the period. Finally, HB Wealth Management LLC raised its holdings in Fastenal by 2.1% during the 1st quarter. HB Wealth Management LLC now owns 9,468 shares of the company’s stock valued at $730,000 after buying an additional 199 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Up 1.2 %

NASDAQ FAST opened at $77.61 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 4.40. The company has a market capitalization of $44.44 billion, a price-to-earnings ratio of 38.61, a price-to-earnings-growth ratio of 4.48 and a beta of 1.01. The company’s 50-day simple moving average is $71.32 and its two-hundred day simple moving average is $68.03. Fastenal has a one year low of $57.56 and a one year high of $79.04.

Fastenal (NASDAQ:FAST) last posted its earnings results on Friday, October 11th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.44% and a return on equity of 33.30%. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. Equities analysts forecast that Fastenal will post 2.03 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, October 25th. Fastenal’s dividend payout ratio (DPR) is 77.61%.

Insider Buying and Selling at Fastenal

In other Fastenal news, EVP Anthony Paul Broersma sold 680 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total transaction of $52,944.80. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Anthony Paul Broersma sold 680 shares of Fastenal stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $77.86, for a total value of $52,944.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William Joseph Drazkowski sold 16,362 shares of Fastenal stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $77.65, for a total transaction of $1,270,509.30. Following the completion of the transaction, the insider now directly owns 5,997 shares in the company, valued at approximately $465,667.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 179,373 shares of company stock valued at $13,029,308. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the topic of several recent research reports. Stifel Nicolaus restated a “buy” rating and set a $86.00 price target (up previously from $80.00) on shares of Fastenal in a report on Monday, October 14th. Bank of America initiated coverage on Fastenal in a report on Monday, October 7th. They set a “buy” rating and a $85.00 price target on the stock. Jefferies Financial Group reduced their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Morgan Stanley increased their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Finally, Stephens increased their target price on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $73.33.

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.