Freemont Management S.A. Has $3.79 Million Position in Fastenal Company $FAST

Key Points

• Freemont Management S.A. boosted its Fastenal stake by 82.4% in the fourth quarter, ending with 94,500 shares valued at about $3.79 million.
• Fastenal reported Q1 earnings of $0.30 per share, matching analyst expectations, while revenue rose 12.4% year over year to $2.20 billion.
• The company declared a quarterly dividend of $0.24 per share, and analysts currently rate the stock a consensus “Hold” with a price target of $49.77.

Freemont Management S.A. increased its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 82.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,500 shares of the company's stock after buying an additional 42,700 shares during the quarter. Freemont Management S.A.'s holdings in Fastenal were worth $3,792,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FAST. Catalyst Financial Partners LLC boosted its holdings in shares of Fastenal by 22.4% in the 4th quarter. Catalyst Financial Partners LLC now owns 12,481 shares of the company's stock valued at $501,000 after purchasing an additional 2,285 shares in the last quarter. Independent Advisor Alliance raised its holdings in shares of Fastenal by 15.5% during the 4th quarter. Independent Advisor Alliance now owns 77,469 shares of the company's stock worth $3,109,000 after buying an additional 10,413 shares in the last quarter. Madison Asset Management LLC lifted its position in shares of Fastenal by 46.3% during the 4th quarter. Madison Asset Management LLC now owns 363,279 shares of the company's stock worth $14,578,000 after buying an additional 115,045 shares during the last quarter. Atlantic Union Bankshares Corp boosted its stake in Fastenal by 6.9% in the fourth quarter. Atlantic Union Bankshares Corp now owns 6,344 shares of the company's stock valued at $255,000 after buying an additional 410 shares in the last quarter. Finally, Meridian Wealth Management LLC boosted its stake in Fastenal by 13.9% in the fourth quarter. Meridian Wealth Management LLC now owns 41,567 shares of the company's stock valued at $1,668,000 after buying an additional 5,081 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FAST. Barclays boosted their target price on Fastenal from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. UBS Group reissued a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Bank of America increased their target price on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Robert W. Baird dropped their target price on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 14th. Finally, Morgan Stanley reissued a "positive" rating and issued a $45.00 target price on shares of Fastenal in a report on Thursday, March 5th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and a consensus price target of $49.77.

Fastenal Stock Up 1.0%

Shares of FAST opened at $43.77 on Thursday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The stock has a market capitalization of $50.25 billion, a price-to-earnings ratio of 38.40, a PEG ratio of 2.76 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The stock has a fifty day moving average of $45.47 and a 200-day moving average of $43.64.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts' consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.19 billion. During the same period in the prior year, the company earned $0.52 EPS. Fastenal's revenue was up 12.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, April 28th. Fastenal's dividend payout ratio is presently 84.21%.

Insider Activity at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.28% of the company's stock.

Fastenal 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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