Bank Julius Baer & Co. Ltd Zurich Raises Stake in Fastenal Company $FAST

Key Points

• Bank Julius Baer & Co. Ltd Zurich boosted its Fastenal stake by 1,039.6% in the fourth quarter, ending with 2.34 million shares valued at about $94.3 million.
• Fastenal’s latest quarterly results were largely in line with expectations, with EPS of $0.30 on revenue of $2.20 billion, while sales rose 12.4% year over year.
• The company announced a quarterly dividend of $0.24 per share, payable May 26, which annualizes to $0.96 and implies a 2.2% yield.

Bank Julius Baer & Co. Ltd Zurich lifted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 1,039.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,337,722 shares of the company's stock after buying an additional 2,132,593 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich owned approximately 0.20% of Fastenal worth $94,253,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. REAP Financial Group LLC acquired a new position in Fastenal during the third quarter worth approximately $30,000. Field & Main Bank acquired a new position in Fastenal during the fourth quarter worth approximately $30,000. First Horizon Corp acquired a new position in Fastenal during the third quarter worth approximately $33,000. Manning & Napier Advisors LLC acquired a new position in Fastenal during the third quarter worth approximately $35,000. Finally, Tradewinds Capital Management LLC acquired a new position in Fastenal during the fourth quarter worth approximately $35,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FAST. UBS Group reaffirmed a "neutral" rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Sanford C. Bernstein reaffirmed an "underperform" rating and set a $42.00 price target on shares of Fastenal in a research report on Tuesday, April 14th. Morgan Stanley reaffirmed a "positive" rating and set a $45.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Barclays upped their price target on shares of Fastenal from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 16th. Finally, Bank of America upped their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fastenal has an average rating of "Hold" and an average target price of $49.77.

Insider Activity at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director directly owned 40,000 shares of the company's stock, valued at approximately $1,893,600. The trade was a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.28% of the company's stock.

Fastenal Price Performance

FAST opened at $43.77 on Thursday. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a 50 day moving average of $45.47 and a two-hundred day moving average of $43.64. The company has a market cap of $50.25 billion, a P/E ratio of 38.40, a P/E/G ratio of 2.76 and a beta of 0.75.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. Fastenal's revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts expect that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's payout ratio is presently 84.21%.

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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