Bank of America Corp DE Has $755.97 Million Stake in Fastenal Company $FAST

Key Points

• Bank of America increased its Fastenal stake by 12% in the first quarter, owning 16.29 million shares worth approximately $755.97 million, or 1.42% of the company. Institutional investors collectively hold 81.38% of Fastenal’s shares.
• Fastenal reported quarterly EPS of $0.33, in line with estimates, while revenue of $2.39 billion exceeded expectations and rose 14.7% year over year. The company also raised its quarterly dividend to $0.26 per share, representing a 2.2% yield.
• Analyst sentiment remains mixed, with Fastenal receiving an average “Hold” rating and a consensus price target of $48.83, compared with its reported share price of $47.71.

Bank of America Corp DE boosted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,292,425 shares of the company's stock after buying an additional 1,744,193 shares during the quarter. Bank of America Corp DE owned approximately 1.42% of Fastenal worth $755,969,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FAST. Elyxium Wealth LLC acquired a new stake in Fastenal during the 4th quarter worth $25,000. Palladiem LLC acquired a new position in shares of Fastenal in the 4th quarter valued at $25,000. Evergreen Advisors LLC bought a new position in shares of Fastenal in the 1st quarter worth $26,000. MV Capital Management Inc. bought a new position in shares of Fastenal in the 4th quarter worth $29,000. Finally, Field & Main Bank acquired a new stake in shares of Fastenal during the fourth quarter worth $30,000. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Performance

Shares of FAST opened at $47.71 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The firm's 50 day moving average price is $46.31 and its two-hundred day moving average price is $45.57. The firm has a market cap of $54.75 billion, a P/E ratio of 40.43, a PEG ratio of 2.92 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm's 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 earnings per share. On average, analysts forecast 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. Stockholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's payout ratio is currently 88.14%.

Insider Activity

In related news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.28% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FAST shares. DA Davidson reiterated a "neutral" rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Sanford C. Bernstein restated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Barclays cut their price target on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Finally, Weiss Ratings lowered shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $48.83.

Fastenal Company 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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