Fifth Third Bancorp boosted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 330.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 401,650 shares of the company's stock after purchasing an additional 308,336 shares during the quarter. Fifth Third Bancorp's holdings in Fastenal were worth $18,637,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently modified their holdings of FAST. Palladiem LLC bought a new position in Fastenal in the fourth quarter valued at approximately $25,000. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter valued at $25,000. MV Capital Management Inc. bought a new stake in shares of Fastenal during the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Fastenal in the 3rd quarter valued at $36,000. Finally, Field & Main Bank acquired a new position in shares of Fastenal in the 4th quarter valued at $30,000. Institutional investors and hedge funds own 81.38% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the company. Morgan Stanley set a $48.00 price objective on Fastenal and gave the stock an "equal weight" rating in a research note on Wednesday, July 8th. Robert W. Baird cut their target price on Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. JPMorgan Chase & Co. raised their target price on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a report on Wednesday, July 8th. Finally, Sanford C. Bernstein restated an "underperform" rating and set a $42.00 target price on shares of Fastenal in a research report on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and a consensus target price of $48.31.
Check Out Our Latest Analysis on Fastenal
Fastenal Price Performance
FAST stock opened at $47.05 on Tuesday. The stock has a 50-day moving average price of $45.60 and a two-hundred day moving average price of $45.09. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The stock has a market cap of $54.02 billion, a PE ratio of 41.27, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03.
Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business's quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. Equities analysts forecast that Fastenal Company will post 1.24 EPS for the current fiscal year.
Fastenal Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, July 28th. Fastenal's dividend payout ratio is 84.21%.
Fastenal Profile
(
Free Report)
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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