Fri Sep 20 13:44:13 UTC 2024: ## Fastenal (FAST) Sees Mixed Investor Activity in Q2 2024

**[City, State] – September 20, 2024** – Fastenal Company (NASDAQ: FAST), a leading distributor of industrial and construction supplies, has seen a mix of investor activity in the second quarter of 2024. While some institutional investors reduced their holdings, others significantly increased their positions.

Axxcess Wealth Management LLC slightly reduced its stake in Fastenal by 1.3% in the second quarter, selling 236 shares. Meanwhile, several other institutions boosted their holdings in the company. Virtu Financial LLC increased its stake by 96.6%, while Edgestream Partners L.P. dramatically expanded its position by 1,438.4%. Moors & Cabot Inc. also increased its position by 2.9%. Renaissance Technologies LLC entered a new position in Fastenal worth $37.65 million, and Citizens Financial Group Inc. RI significantly increased its stake by 399.5%.

Overall, institutional investors and hedge funds currently own 81.38% of Fastenal’s stock.

Fastenal’s stock opened at $71.38 on Friday. The company has a market capitalization of $40.87 billion, a PE ratio of 35.51, a P/E/G ratio of 3.78, and a beta of 1.01.

Fastenal declared a quarterly dividend of $0.39, payable on August 23rd, representing a yield of 2.19%. The company’s dividend payout ratio is currently 77.61%.

Analysts remain divided on Fastenal’s prospects. Stifel Nicolaus maintains a “buy” rating with a $80.00 price target, while Jefferies Financial Group downgraded their rating to “hold” with a $65.00 target price. Morgan Stanley initiated coverage with an “equal weight” rating and a $72.00 target price. Stephens also assigned an “equal weight” rating with a $56.00 target price.

In recent news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock on September 12th and 45,744 shares on August 21st. Corporate insiders own 0.41% of the company’s stock.

**About Fastenal Company:**

Fastenal Company is a leading distributor of industrial and construction supplies in North America and internationally. The company’s product portfolio includes fasteners, tools, safety equipment, and other related supplies.

**Disclaimer:** This news article is based on publicly available information and should not be considered financial advice.

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