Epoch Investment Partners Inc. Lowers Stock Position in Fastenal Company $FAST

Key Points

• Epoch Investment Partners reduced its Fastenal stake by 11.8% in Q1, selling 407,811 shares and leaving it with 3.06 million shares worth about $141.8 million.
• Fastenal recently reported strong quarterly results, with EPS of $0.33 matching estimates and revenue of $2.39 billion beating expectations; revenue rose 14.7% year over year.
• The company raised its quarterly dividend to $0.26 per share from $0.24, while analysts currently rate the stock a Hold on average with a price target of $48.83.

Epoch Investment Partners Inc. trimmed its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 11.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,056,395 shares of the company's stock after selling 407,811 shares during the period. Fastenal makes up about 0.9% of Epoch Investment Partners Inc.'s holdings, making the stock its 24th biggest holding. Epoch Investment Partners Inc. owned 0.27% of Fastenal worth $141,817,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. GC Wealth Management RIA LLC increased its stake in Fastenal by 4.8% during the first quarter. GC Wealth Management RIA LLC now owns 23,696 shares of the company's stock worth $1,099,000 after acquiring an additional 1,088 shares during the last quarter. Modern Wealth Management LLC lifted its stake in shares of Fastenal by 11.8% in the 1st quarter. Modern Wealth Management LLC now owns 13,436 shares of the company's stock valued at $627,000 after purchasing an additional 1,418 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Fastenal by 78.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,154,661 shares of the company's stock valued at $53,576,000 after purchasing an additional 508,052 shares in the last quarter. Dickmeyer Boyce Financial Management Inc. purchased a new stake in shares of Fastenal during the 1st quarter worth about $861,000. Finally, Gibbs Wealth Management purchased a new stake in shares of Fastenal during the 1st quarter worth about $264,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on FAST. Sanford C. Bernstein restated an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. Robert W. Baird decreased their price objective on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 14th. 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 report on Thursday, April 9th. Weiss Ratings downgraded shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday. Finally, Jefferies Financial Group restated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Fastenal has an average rating of "Hold" and an average price target of $48.83.

Fastenal Price Performance

FAST stock opened at $47.02 on Friday. The firm has a market cap of $53.96 billion, a P/E ratio of 39.85, a price-to-earnings-growth ratio of 2.89 and a beta of 0.72. 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 1 year low of $38.97 and a 1 year high of $50.63. The stock has a 50-day simple moving average of $45.92 and a 200-day simple moving average of $45.35.

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

Fastenal Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal's dividend payout ratio is presently 81.36%.

Fastenal 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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