Fastenal Company $FAST Shares Purchased by Swiss Life Asset Management Ltd

Key Points

• Swiss Life Asset Management increased its Fastenal stake by 2.7% in the fourth quarter, ending with 1.49 million shares worth about $59.9 million. Institutional investors and hedge funds now own about 81.38% of Fastenal.
• Fastenal’s latest quarterly results came in roughly in line with expectations, with EPS of $0.30 and revenue of $2.20 billion, while revenue rose 12.4% year over year. Analysts currently have a consensus Hold rating on the stock with an average target price of $49.77.
• The company declared a quarterly dividend of $0.24 per share, payable May 26 to shareholders of record on April 28. That works out to an annualized dividend of $0.96 per share and a yield of about 2.2%.

Swiss Life Asset Management Ltd increased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,491,994 shares of the company's stock after acquiring an additional 39,406 shares during the quarter. Swiss Life Asset Management Ltd owned approximately 0.13% of Fastenal worth $59,874,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in FAST. Brighton Jones LLC acquired a new position in shares of Fastenal during the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC boosted its holdings in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after buying an additional 147 shares in the last quarter. Quantbot Technologies LP acquired a new position in Fastenal in the 2nd quarter worth approximately $158,000. Jump Financial LLC acquired a new position in Fastenal in the 2nd quarter worth approximately $2,199,000. Finally, Cary Street Partners Financial LLC boosted its stake in Fastenal by 111.0% in 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 during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Sanford C. Bernstein reissued an "underperform" rating and set a $42.00 target price on shares of Fastenal in a research note on Tuesday, April 14th. Barclays lifted their target price 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. Bank of America lifted their target price on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Wolfe Research decreased their target price on shares of Fastenal from $46.00 to $45.00 and set an "underperform" rating for the company in a research note on Tuesday, April 14th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Fastenal in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and a consensus target price of $49.77.

Insider Buying and Selling

In related news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the transaction, the director owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.28% of the stock is owned by company insiders.

Fastenal Price Performance

Fastenal stock opened at $44.17 on Monday. The company has a market capitalization of $50.71 billion, a P/E ratio of 38.75, a P/E/G ratio of 2.81 and a beta of 0.75. The firm's fifty day simple moving average is $45.63 and its 200-day simple moving average is $43.62. 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 Company has a 1-year low of $38.97 and a 1-year high of $50.63.

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

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal's dividend payout ratio (DPR) is currently 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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