Aware Super Pty Ltd as trustee of Aware Super Buys New Position in Fastenal Company $FAST

Key Points

• Aware Super opened a new position in Fastenal during Q1, buying 610,137 shares valued at about $28.3 million. The stake represented roughly 0.05% of the company.
• Fastenal’s latest quarterly results were solid, with earnings of $0.33 per share matching estimates and revenue of $2.39 billion topping forecasts. Revenue rose 14.7% year over year.
• The company also raised its quarterly dividend to $0.26 per share from $0.24, bringing the annualized payout to $1.04 and a yield of about 2.2%. Analyst sentiment remains mixed, with a consensus rating of Hold and a median price target around $48.83.

Aware Super Pty Ltd as trustee of Aware Super purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 610,137 shares of the company's stock, valued at approximately $28,310,000. Aware Super Pty Ltd as trustee of Aware Super owned approximately 0.05% of Fastenal as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Evergreen Advisors LLC acquired a new stake in Fastenal in the first quarter valued at approximately $26,000. Palladiem LLC acquired a new stake in Fastenal during the 4th quarter valued at $25,000. Elyxium Wealth LLC acquired a new stake in Fastenal during the 4th quarter valued at $25,000. MV Capital Management Inc. purchased a new stake in Fastenal during the 4th quarter worth $29,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Fastenal during the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Stock Up 2.9%

Shares of Fastenal stock opened at $46.67 on Friday. The business has a 50-day moving average price of $45.68 and a 200 day moving average price of $45.17. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The firm has a market cap of $53.58 billion, a P/E ratio of 39.55, a P/E/G ratio of 2.86 and a beta of 0.72. The company has a quick ratio of 2.34, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. The company 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%.Fastenal's quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 EPS. On average, sell-side analysts forecast that Fastenal Company will post 1.24 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 paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.2%. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal's dividend payout ratio (DPR) is 84.21%.

Trending Headlines about Fastenal

Here are the key news stories impacting Fastenal this week:

• Positive Sentiment: Morgan Stanley raised its price target on Fastenal to $52 from $48, signaling improved confidence in the stock’s valuation after Q2 results. Morgan Stanley raises Fastenal price target
• Positive Sentiment: Fastenal’s Q2 revenue rose 14.7% year over year to $2.387 billion, showing solid operating momentum and helping offset concerns about earnings merely meeting expectations. Fastenal Q2 earnings coverage
• Neutral Sentiment: Analysts at several firms, including DA Davidson and Barclays, kept neutral/equal-weight views and price targets around $46-$48, suggesting the recent report did not materially change their outlook. DA Davidson reiterates neutral rating
• Neutral Sentiment: Morgan Stanley also described Q2 as “solid but incremental,” keeping a hold-style stance unchanged, which points to a balanced view rather than a strong bullish catalyst. Morgan Stanley hold rating
• Negative Sentiment: Barclays lowered its price target to $46 from $47, indicating some caution about further upside after the earnings release. Barclays cuts Fastenal target

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Bank of America boosted their price objective on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. JPMorgan Chase & Co. raised their target price on Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, April 9th. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday. Morgan Stanley boosted their price target on Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Barclays reduced their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday. Five 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. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $48.83.

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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