Fastenal Company $FAST Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Fastenal stake by 3.6%, selling 23,680 shares and retaining 640,278 shares valued at approximately $29.7 million. Institutional investors and hedge funds collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share, in line with estimates, while revenue rose 14.7% year over year to $2.39 billion. The company also increased its quarterly dividend to $0.26 per share, representing a 2.2% annualized yield.
• Fastenal shares opened at $47.02, and analysts maintain a consensus “Hold” rating with an average price target of $48.83; ratings include five Buys, six Holds, and two Sells.

Healthcare of Ontario Pension Plan Trust Fund reduced its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 3.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 640,278 shares of the company's stock after selling 23,680 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned about 0.06% of Fastenal worth $29,709,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FAST. Elyxium Wealth LLC bought a new position in Fastenal during the fourth quarter valued at about $25,000. Palladiem LLC acquired a new position in Fastenal during the fourth quarter worth about $25,000. Evergreen Advisors LLC bought a new stake in Fastenal in the first quarter worth about $26,000. MV Capital Management Inc. bought a new stake in Fastenal in the fourth quarter worth about $29,000. Finally, Field & Main Bank acquired a new stake in Fastenal in the 4th quarter valued at about $30,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

NASDAQ:FAST opened at $47.02 on Monday. The stock has a market cap of $53.96 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The stock's 50-day moving average is $45.92 and its two-hundred day moving average is $45.38.

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

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal's previous quarterly dividend of $0.24. Fastenal's payout ratio is currently 81.36%.

Analyst Upgrades and Downgrades

FAST has been the subject of several research reports. DA Davidson restated a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Sanford C. Bernstein reissued an "underperform" rating on shares of Fastenal in a research note on Wednesday, July 15th. JPMorgan Chase & Co. raised their target price on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Robert W. Baird decreased their price target on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 14th. Finally, Wolfe Research reaffirmed an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued 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 Company 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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