TD Asset Management Inc Cuts Its Position In Fastenal (NASDAQ:FAST)

VaselineSeptember 6, 2024

0 4 minutes read

TD Asset Management Inc lessened its holdings in Fastenal (NASDAQ:FAST – Free Report) by 5.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,062,064 shares of the company’s stock after selling 186,789 shares during the period. TD Asset Management Inc owned about 0.53% of Fastenal worth $192,420,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Baird Financial Group Inc. increased its stake in Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock valued at $513,510,000 after buying an additional 1,043,529 shares in the last quarter. Norges Bank acquired a new position in Fastenal in the fourth quarter valued at approximately $405,513,000. Envestnet Asset Management Inc. boosted its stake in Fastenal by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock valued at $310,931,000 after buying an additional 109,028 shares during the last quarter. Los Angeles Capital Management LLC boosted its stake in Fastenal by 46.2% in the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock valued at $245,757,000 after purchasing an additional 1,006,402 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in Fastenal by 497.3% in the first quarter. ProShare Advisors LLC now owns 3,099,333 shares of the company’s stock valued at $239,083,000 after buying an additional 2,580,478 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s shares.

Changes in Analyst Ratings

FAST has been the subject of several research analyst reports. Jefferies Financial Group dropped their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Stephens reissued an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $66.67, based on data from MarketBeat.com.

Want more great investment ideas?

Check out our latest research report on Fastenal

Fastenal trading down 0.5%

Shares of FAST stock opened at $65.18 on Friday. The company’s fifty day simple moving average is $66.65 and two hundred day simple moving average is $68.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39, and a quick ratio of 2.29. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04. The stock has a market cap of $37.32 billion, a price-to-earnings ratio of 32.43, a PEG ratio of 3.72 and a beta of 1.01.

Fastenal (NASDAQ:FAST – Get Your Free Report ) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s quarterly revenue was up 1.8% year over year. In the same quarter last year, the company posted earnings of $0.52 per share. As a group, analysts anticipate that Fastenal will post 2.04 earnings per share for the current year.

Fastenal dividend announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a $0.39 dividend. The ex-dividend date was Friday, July 26. This represents an annualized dividend of $1.56 and a dividend yield of 2.39%. Fastenal’s payout ratio is currently 77.61%.

Insider transactions at Fastenal

In other news, CEO Daniel L. Florness sold 45,744 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,489,266.52. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In other news, Director Hsenghung Sam Hsu purchased 500 shares of Fastenal stock in a transaction that occurred on Monday, June 10th. The shares were purchased at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares in the company, valued at $221,480. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total value of $3,116,996.16. Following the completion of the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s shares.

About Fastenal

(Free report)

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, screws, nuts, bolts, studs and related washers that are used in manufactured products and construction projects, as well as in machine maintenance and repair.