Bank of New York Mellon Corp Sells 3,426,006 Shares of Fastenal Company $FAST

Key Points

• Bank of New York Mellon trimmed its Fastenal stake by 11% in the fourth quarter, selling 3,426,006 shares and leaving it with about 27.66 million shares worth roughly $1.11 billion.
• Fastenal reported quarterly earnings of $0.30 per share, matching analyst expectations, while revenue came in slightly above forecast at $2.20 billion and rose 12.4% year over year.
• The company recently paid a quarterly dividend of $0.24 per share, equal to an annualized yield of about 2.1%, and analysts currently rate the stock a consensus Hold with a $49.77 price target.

Bank of New York Mellon Corp reduced its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 11.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,660,022 shares of the company's stock after selling 3,426,006 shares during the period. Bank of New York Mellon Corp owned approximately 2.41% of Fastenal worth $1,109,997,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in shares of Fastenal during the 4th quarter worth approximately $496,000. Integrated Wealth Concepts LLC raised its holdings in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Fastenal during the 2nd quarter valued at $158,000. Jump Financial LLC acquired a new stake in shares of Fastenal during the 2nd quarter worth $2,199,000. Finally, Cary Street Partners Financial LLC grew its holdings in shares of Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock worth $141,000 after purchasing an additional 1,771 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.28% of the stock is currently owned by insiders.

Fastenal Trading Up 1.7%

Shares of Fastenal stock opened at $44.73 on Wednesday. The firm's 50 day moving average is $44.95 and its 200 day moving average is $43.87. The firm has a market capitalization of $51.35 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 2.81 and a beta of 0.73. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting analysts' consensus estimates of $0.30. The firm had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company's revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Equities research analysts forecast that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal's dividend payout ratio is presently 84.21%.

Analyst Ratings Changes

A number of brokerages have issued reports on FAST. JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Raymond James Financial set a $48.00 price target on shares of Fastenal in a report on Thursday, March 5th. Wolfe Research reduced their price target on shares of Fastenal from $46.00 to $45.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 14th. Barclays lifted their price objective on shares of Fastenal from $44.00 to $45.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Finally, Bank of America upped their target price on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $49.77.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.