LGT Fund Management Co Ltd. raised its holdings in Fastenal Company (NASDAQ:FAST – Free Report) by 175.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 205,150 shares of the company’s stock after purchasing an additional 130,676 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Fastenal were worth $9,519,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in FAST. State Street Corp increased its holdings in shares of Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after acquiring an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after purchasing an additional 919,158 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares during the last quarter. Invesco Ltd. boosted its position in Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after purchasing an additional 2,242,116 shares during the period. Finally, Norges Bank acquired a new position in shares of Fastenal in the fourth quarter valued at $646,046,000. 81.38% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have recently issued reports on FAST. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Morgan Stanley set a $48.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a research note on Wednesday. DA Davidson started coverage on shares of Fastenal in a research report on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price objective for the company. Robert W. Baird reduced their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Finally, Barclays upped their target price on Fastenal from $46.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $47.75.
Fastenal Stock Performance
Shares of FAST stock traded up $0.14 on Friday, hitting $46.49. The company’s stock had a trading volume of 7,590,310 shares, compared to its average volume of 6,944,334. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The stock’s 50 day moving average is $45.55 and its 200-day moving average is $45.02. The company has a market capitalization of $53.37 billion, a PE ratio of 40.78, a PEG ratio of 2.94 and a beta of 0.72.
Fastenal (NASDAQ:FAST – Get Free Report) last announced its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The business’s revenue was up 12.4% compared to the same quarter last year. Equities research analysts expect that Fastenal Company will post 1.24 earnings per share for the current fiscal year.
Fastenal 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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