Fastenal Company $FAST Shares Sold by Amundi

Key Points

• Amundi cut its Fastenal stake by 36% in the first quarter, selling 2.3 million shares and retaining 4.1 million shares valued at approximately $189.5 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share, matching estimates, while revenue rose 14.7% year over year to $2.39 billion, exceeding expectations.
• The company increased its quarterly dividend to $0.26 per share, representing a 2.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $48.83.

Amundi decreased its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 36.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,084,902 shares of the company's stock after selling 2,295,460 shares during the quarter. Amundi owned approximately 0.36% of Fastenal worth $189,546,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FAST. Evergreen Advisors LLC purchased a new stake in shares of Fastenal in the 1st quarter valued at approximately $26,000. Palladiem LLC purchased a new stake in shares of Fastenal during the 4th quarter worth $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fastenal during the 4th quarter worth $25,000. MV Capital Management Inc. acquired a new position in shares of Fastenal during the fourth quarter worth $29,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of Fastenal during the third quarter worth $36,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

Shares of FAST stock opened at $46.66 on Friday. The stock's 50-day moving average is $46.23 and its two-hundred day moving average is $45.55. The firm has a market cap of $53.54 billion, a price-to-earnings ratio of 39.54, a PEG ratio of 2.99 and a beta of 0.72. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. 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 (NASDAQ:FAST - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business's revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 earnings per share. Analysts predict that Fastenal Company will post 1.25 earnings per share for the current 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 issued a $0.26 dividend. 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 annualized dividend and a dividend yield of 2.2%. Fastenal's dividend payout ratio is currently 88.14%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FAST shares. Barclays dropped their target price on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. DA Davidson reaffirmed a "neutral" rating and set a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Morgan Stanley upped their price objective on Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Wolfe Research reiterated an "underperform" rating and issued a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Finally, Bank of America raised their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fastenal has a consensus rating of "Hold" and an average target price of $48.83.

Insider Activity

In related news, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.28% of the company's stock.

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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