Andra AP fonden Has $21.76 Million Stock Holdings in Fastenal Company $FAST

Key Points

• Andra AP fonden cut its Fastenal stake by 54.4% in the first quarter, selling 559,081 shares and leaving it with 469,019 shares worth about $21.76 million.
• Fastenal’s latest quarterly results beat revenue expectations, with $2.39 billion in sales versus the $2.34 billion estimate, while earnings matched consensus at $0.33 per share.
• The company raised its quarterly dividend to $0.26 per share from $0.24, lifting the annualized payout to $1.04 and the dividend yield to about 2.3%.

Andra AP fonden decreased its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 54.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 469,019 shares of the company's stock after selling 559,081 shares during the quarter. Andra AP fonden's holdings in Fastenal were worth $21,762,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Wiregrass Investment Management LLC acquired a new position in Fastenal during the 4th quarter valued at $1,020,000. Assenagon Asset Management S.A. increased its holdings in shares of Fastenal by 20.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company's stock worth $13,173,000 after purchasing an additional 55,191 shares during the period. Swiss Life Asset Management Ltd increased its holdings in shares of Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company's stock worth $59,874,000 after purchasing an additional 39,406 shares during the period. LBP AM SA raised its position in shares of Fastenal by 11.8% during the fourth quarter. LBP AM SA now owns 232,847 shares of the company's stock valued at $9,344,000 after buying an additional 24,536 shares during the last quarter. Finally, Fideuram Asset Management Ireland dac bought a new stake in shares of Fastenal in the fourth quarter valued at about $4,041,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Bank of America lifted their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Wolfe Research reissued an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a "buy" rating in a research report on Monday, July 13th. Barclays lowered their price target on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal has an average rating of "Hold" and a consensus price target of $48.83.

Fastenal Stock Performance

Fastenal stock opened at $44.76 on Tuesday. The firm has a market capitalization of $51.36 billion, a P/E ratio of 37.93, a P/E/G ratio of 2.85 and a beta of 0.72. The stock has a fifty day moving average price of $45.74 and a two-hundred day moving average price of $45.23. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.29 EPS. As a group, analysts anticipate that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's payout ratio is currently 81.36%.

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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