US Bancorp DE Has $34.04 Million Stake in Fastenal Company (NASDAQ:FAST)

Key Points

• US Bancorp DE has reduced its stake in Fastenal by 2.4%, owning about $34 million worth of shares after selling 10,574 in the first quarter.
• Several analysts have upgraded their price targets for Fastenal, with a consensus target of $45.64 and the stock currently rated as a "Hold."
• Fastenal reported earnings of $0.29 per share for the latest quarter, exceeding expectations, with revenues rising 8.6% year-over-year.

US Bancorp DE decreased its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 2.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 438,981 shares of the company's stock after selling 10,574 shares during the quarter. US Bancorp DE owned about 0.08% of Fastenal worth $34,043,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their price target on Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. Stephens upped their price target on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. Finally, Robert W. Baird raised their price objective on Fastenal from $43.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Fastenal currently has a consensus rating of "Hold" and a consensus target price of $45.64.

Fastenal Stock Performance

Shares of FAST traded up $0.07 during trading hours on Tuesday, reaching $45.44. 4,055,507 shares of the company traded hands, compared to its average volume of 7,333,960. The stock has a market cap of $52.15 billion, a P/E ratio of 43.69, a price-to-earnings-growth ratio of 4.13 and a beta of 0.95. The stock's fifty day moving average is $43.38 and its 200 day moving average is $40.29. Fastenal Company has a 1-year low of $32.04 and a 1-year high of $48.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company's revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. Equities research analysts anticipate 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. Shareholders 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 annualized dividend and a yield of 1.9%. Fastenal's dividend payout ratio (DPR) is 84.62%.

Insider Buying and Selling at Fastenal

In related news, EVP John Lewis Soderberg sold 32,724 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $41.23, for a total transaction of $1,349,046.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal 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 owned 10,192 shares in the company, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.37% of the company's stock.

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.