Fastenal Company (NASDAQ:FAST) Shares Acquired by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its holdings in Fastenal Company by 2.1%, owning a total of 420,038 shares worth approximately $32.57 million.
• Fastenal's quarterly earnings report showed a profit of $0.29 per share, exceeding estimates of $0.28, along with an 8.6% increase in year-over-year revenue.
• Fastenal recently announced a quarterly dividend of $0.22 per share, representing an annual yield of 1.9%, and has a high dividend payout ratio of 84.62%.

PNC Financial Services Group Inc. grew its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 420,038 shares of the company's stock after purchasing an additional 8,441 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of Fastenal worth $32,574,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Horizon Financial Services LLC lifted its stake in Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after buying an additional 533 shares during the last quarter. Itau Unibanco Holding S.A. raised its position in Fastenal by 481.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock valued at $44,000 after purchasing an additional 506 shares during the last quarter. TruNorth Capital Management LLC acquired a new stake in Fastenal during the 1st quarter worth $57,000. Golden State Wealth Management LLC grew its position in Fastenal by 5,661.5% during the 1st quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after purchasing an additional 736 shares during the last quarter. Finally, Close Asset Management Ltd grew its position in Fastenal by 156.4% during the 1st quarter. Close Asset Management Ltd now owns 800 shares of the company's stock worth $62,000 after purchasing an additional 488 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insiders Place Their Bets

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the transaction, the chief financial officer directly owned 10,192 shares of the company's stock, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP John Lewis Soderberg sold 32,724 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $41.23, for a total transaction of $1,349,046.90. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FAST shares. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Robert W. Baird increased their price target on Fastenal from $43.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. lifted their price objective on shares of Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Finally, Wolfe Research restated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $45.64.

Fastenal Trading Up 2.9%

Shares of NASDAQ FAST traded up $1.34 on Wednesday, reaching $46.78. 6,308,177 shares of the company traded hands, compared to its average volume of 6,679,628. The stock has a market capitalization of $53.69 billion, a PE ratio of 44.98, a P/E/G ratio of 4.13 and a beta of 0.95. Fastenal Company has a fifty-two week low of $32.04 and a fifty-two week high of $48.10. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average of $43.45 and a 200 day moving average of $40.33.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. Fastenal's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 earnings per share. On average, equities research analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.