Dearborn Partners LLC lowered its stake in shares of Fastenal Company (NASDAQ:FAST – Free Report) by 3.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 541,595 shares of the company’s stock after selling 22,233 shares during the quarter. Dearborn Partners LLC’s holdings in Fastenal were worth $21,734,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FAST. Norges Bank acquired a new position in Fastenal during the fourth quarter worth $646,046,000. Bank of America Corp DE raised its position in Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the period. Vanguard Group Inc. raised its position in Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after purchasing an additional 2,346,045 shares during the period. Invesco Ltd. raised its position in Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich raised its position in Fastenal by 1,039.6% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after purchasing an additional 2,132,593 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.
Fastenal Price Performance
FAST stock opened at $46.79 on Friday. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $53.72 billion, a PE ratio of 41.04, a P/E/G ratio of 2.98 and a beta of 0.73. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The business’s fifty day moving average price is $45.08 and its 200 day moving average price is $44.00.
Fastenal Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, April 28th. Fastenal’s payout ratio is currently 84.21%.
Analysts Set New Price Targets
FAST has been the topic of a number of research analyst reports. Wolfe Research reduced their target price on Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 14th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research report on Thursday. Raymond James Financial set a $48.00 target price on Fastenal in a research report on Thursday, March 5th. Sanford C. Bernstein restated an “underperform” rating and issued a $42.00 target price on shares of Fastenal in a research report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. lifted their target price on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Five investment 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. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and an average target price of $49.85.
View Our Latest Report on FAST
About Fastenal
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.
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