Equitable Trust Co. Has $12.99 Million Position in Fastenal Company $FAST

Key Points

• Equitable Trust Co. increased its Fastenal stake by 56.3% in the first quarter, buying an additional 100,898 shares and bringing its total to 279,989 shares worth about $12.99 million.
• Fastenal reported Q1 earnings of $0.30 per share, matching Wall Street expectations, while revenue came in at $2.20 billion, slightly above estimates and up 12.4% from a year ago.
• Analysts remain cautious overall: Fastenal has a consensus rating of “Hold” with an average price target of $47.75, based on a mix of buy, hold, and sell ratings.

Equitable Trust Co. raised its position in Fastenal Company (NASDAQ:FAST - Free Report) by 56.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 279,989 shares of the company's stock after purchasing an additional 100,898 shares during the quarter. Equitable Trust Co.'s holdings in Fastenal were worth $12,991,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Elyxium Wealth LLC acquired a new position in Fastenal in the 4th quarter valued at approximately $25,000. Palladiem LLC bought a new position in shares of Fastenal during the fourth quarter valued at $25,000. MV Capital Management Inc. acquired a new position in shares of Fastenal during the fourth quarter worth $29,000. Field & Main Bank acquired a new position in shares of Fastenal during the fourth quarter worth $30,000. Finally, Tucker Asset Management LLC bought a new stake in shares of Fastenal in the fourth quarter worth $33,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

FAST stock opened at $46.35 on Friday. The firm has a market cap of $53.21 billion, a price-to-earnings ratio of 40.66, a PEG ratio of 2.94 and a beta of 0.72. 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 12-month low of $38.97 and a 12-month high of $50.63. The company's fifty day simple moving average is $45.50 and its 200 day simple moving average is $45.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts' consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.19 billion. During the same quarter in the prior year, the firm posted $0.52 earnings per share. The business's quarterly revenue was up 12.4% compared to the same quarter last year. On average, analysts expect that Fastenal Company will post 1.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FAST shares. Weiss Ratings restated a "buy (b-)" rating on shares of Fastenal in a report on Friday, March 27th. Wolfe Research reaffirmed an "underperform" rating and set a $47.00 target price on shares of Fastenal in a report on Thursday. Morgan Stanley set a $48.00 price target on Fastenal and gave the company an "equal weight" rating in a research note on Wednesday. Barclays increased their price target on Fastenal from $46.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, DA Davidson began coverage on Fastenal in a research note on Tuesday, June 16th. They issued a "neutral" rating and a $46.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and a consensus target price of $47.75.

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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