PNC Financial Services Group Inc. Has $32.57 Million Holdings in Fastenal Company (NASDAQ:FAST)

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% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 420,038 shares of the company's stock after purchasing an additional 8,441 shares during the period. PNC Financial Services Group Inc. owned about 0.07% of Fastenal worth $32,574,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC bought a new stake in Fastenal during the fourth quarter valued at about $496,000. Landscape Capital Management L.L.C. acquired a new position in shares of Fastenal during the fourth quarter valued at approximately $1,095,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Fastenal in the fourth quarter valued at $16,648,000. Quadrant Capital Group LLC grew its stake in Fastenal by 2.8% during the 4th quarter. Quadrant Capital Group LLC now owns 6,859 shares of the company's stock worth $493,000 after purchasing an additional 184 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Fastenal in the 4th quarter valued at about $662,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP John Lewis Soderberg sold 32,724 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $41.23, for a total value of $1,349,046.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction 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 completion of the sale, the chief financial officer directly owned 10,192 shares in the company, valued at $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FAST has been the topic of several analyst reports. Wolfe Research restated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Stephens boosted their price objective on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. Finally, Morgan Stanley set a $40.00 target price on Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $46.36.

Fastenal Stock Performance

Shares of NASDAQ:FAST traded up $0.69 during midday trading on Thursday, hitting $47.47. The company's stock had a trading volume of 4,932,866 shares, compared to its average volume of 6,664,617. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock's 50 day simple moving average is $43.56 and its 200 day simple moving average is $40.37. Fastenal Company has a fifty-two week low of $32.04 and a fifty-two week high of $48.10. The stock has a market capitalization of $54.48 billion, a price-to-earnings ratio of 45.64, a PEG ratio of 4.14 and a beta of 0.95.

Fastenal (NASDAQ:FAST - Get Free Report) last posted 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 company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. Fastenal's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share. As a group, research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's payout ratio is currently 84.62%.

Fastenal Company Profile

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.