Fastenal Company $FAST Shares Sold by Cantillon Capital Management LLC

Key Points

• Cantillon Capital Management cut its Fastenal stake by 11.9% in the first quarter, selling 1,100,224 shares and leaving it with 8,166,664 shares worth about $378.9 million. Fastenal still represented 2.5% of the fund’s portfolio.
• Fastenal’s recent quarterly results were solid, with EPS of $0.33 matching estimates and revenue of $2.39 billion topping expectations. Revenue rose 14.7% year over year.
• The company also raised its quarterly dividend to $0.26 per share, while analysts currently have a mixed outlook with a consensus rating of Hold and a consensus price target of $48.83.

Cantillon Capital Management LLC reduced its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 11.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,166,664 shares of the company's stock after selling 1,100,224 shares during the quarter. Fastenal makes up 2.5% of Cantillon Capital Management LLC's investment portfolio, making the stock its 15th largest position. Cantillon Capital Management LLC owned approximately 0.71% of Fastenal worth $378,933,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elyxium Wealth LLC purchased a new position in shares of Fastenal during the 4th quarter worth approximately $25,000. Palladiem LLC purchased a new stake in Fastenal during the 4th quarter worth about $25,000. Evergreen Advisors LLC purchased a new stake in shares of Fastenal during the first quarter worth about $26,000. MV Capital Management Inc. acquired a new position in Fastenal in the 4th quarter valued at $29,000. Finally, Field & Main Bank purchased a new position in Fastenal during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research note on Wednesday. Weiss Ratings reissued a "buy (b)" rating on shares of Fastenal in a research report on Wednesday, July 8th. Robert W. Baird lowered their price objective on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, April 14th. Finally, Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a "buy" rating in a research report on Monday, July 13th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $48.83.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $45.49 on Monday. The firm has a market cap of $52.20 billion, a PE ratio of 38.55, a price-to-earnings-growth ratio of 2.85 and a beta of 0.72. The company has a fifty day simple moving average of $45.71 and a 200 day simple moving average of $45.20. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63.

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

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal's payout ratio is 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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