Weiss Asset Management LP bought a new stake in Fastenal Company (NASDAQ:FAST – Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 173,731 shares of the company’s stock, valued at approximately $8,061,000.
Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Fastenal in the 4th quarter valued at $646,046,000. Wellington Management Group LLP raised its stake in Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after buying an additional 8,574,208 shares during the period. Bank of America Corp DE raised its stake in Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after buying an additional 7,943,217 shares during the period. Invesco Ltd. raised its stake in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after buying an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Fastenal by 1,039.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock worth $94,253,000 after acquiring an additional 2,132,593 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have issued reports on FAST shares. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Barclays cut their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Morgan Stanley boosted their price objective on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. increased their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $48.83.
Fastenal Price Performance
Shares of NASDAQ FAST opened at $47.02 on Friday. The company has a fifty day moving average price of $45.92 and a 200 day moving average price of $45.35. The firm has a market cap of $53.96 billion, a PE ratio of 39.85, a PEG ratio of 2.94 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63.
Fastenal (NASDAQ:FAST – Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. Research analysts predict that Fastenal Company will post 1.25 earnings per share for the current fiscal year.
Fastenal Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is 81.36%.
Fastenal Company Profile
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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