US Bancorp DE cut its stake in Fastenal (NASDAQ:FAST) by 2.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 478,057 shares of the company’s stock after selling 9,751 shares during the quarter. US Bancorp DE owned about 0.17% of Fastenal worth $26,097,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of FAST. Element Capital Management LLC bought a new position in shares of Fastenal in the 4th quarter worth about $44,222,000. Elkfork Partners LLC bought a new position in shares of Fastenal in the 4th quarter worth about $43,602,000. OppenheimerFunds Inc. increased its stake in shares of Fastenal by 18.8% in the 4th quarter. OppenheimerFunds Inc. now owns 4,876,680 shares of the company’s stock worth $266,706,000 after acquiring an additional 772,198 shares in the last quarter. Madison Investment Holdings Inc. increased its stake in shares of Fastenal by 65.2% in the 4th quarter. Madison Investment Holdings Inc. now owns 1,036,393 shares of the company’s stock worth $56,680,000 after acquiring an additional 409,114 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Fastenal by 1.8% in the 4th quarter. BlackRock Inc. now owns 18,537,864 shares of the company’s stock worth $1,013,833,000 after acquiring an additional 325,415 shares in the last quarter. Institutional investors and hedge funds own 84.79% of the company’s stock.
Get Fastenal alerts:Shares of FAST stock opened at $52.70 on Friday. Fastenal has a one year low of $52.38 and a one year high of $52.89. The stock has a market cap of $15.25 billion, a P/E ratio of 27.31, a PEG ratio of 1.51 and a beta of 1.01. The company has a current ratio of 5.11, a quick ratio of 2.30 and a debt-to-equity ratio of 0.18.
Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, April 11th. The company reported $0.61 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.61. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.19 billion. Fastenal had a net margin of 13.66% and a return on equity of 28.69%. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.46 EPS. analysts forecast that Fastenal will post 2.51 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 23rd. Stockholders of record on Wednesday, April 25th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date is Tuesday, April 24th. Fastenal’s payout ratio is presently 76.68%.
Several research analysts recently issued reports on the stock. BMO Capital Markets reiterated a “hold” rating and issued a $57.00 price target on shares of Fastenal in a research note on Monday, April 9th. Robert W. Baird reissued a “buy” rating and set a $57.00 price objective on shares of Fastenal in a research report on Tuesday, March 6th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Friday, April 13th. Northcoast Research set a $60.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research report on Friday, March 2nd. Finally, KeyCorp reissued a “buy” rating on shares of Fastenal in a research report on Friday, April 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $54.07.
In related news, CFO Holden Lewis purchased 1,000 shares of the company’s stock in a transaction dated Monday, April 30th. The shares were purchased at an average price of $50.28 per share, with a total value of $50,280.00. Following the acquisition, the chief financial officer now directly owns 3,000 shares in the company, valued at approximately $150,840. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider William Joseph Drazkowski sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $56.64, for a total transaction of $424,800.00. Following the sale, the insider now directly owns 9,460 shares in the company, valued at approximately $535,814.40. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 2,155 shares of company stock worth $107,678. Insiders own 0.56% of the company’s stock.
About Fastenal
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
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