Greenwood Capital Associates LLC Invests $1.52 Million in Fastenal Company $FAST

Key Points

• Greenwood Capital Associates initiated a new position in Fastenal during the first quarter, buying 32,789 shares valued at about $1.52 million.
• Fastenal remains heavily held by institutions, with about 81.38% of shares owned by hedge funds and other institutional investors. Several large funds recently increased their stakes as well.
• Analyst sentiment is mixed but leans cautious: Fastenal has an average Hold rating and a consensus price target of $47.58, while the stock last traded at $46.51.

Greenwood Capital Associates LLC bought a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 32,789 shares of the company's stock, valued at approximately $1,521,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Fastenal during the fourth quarter worth approximately $646,046,000. Wellington Management Group LLP raised its position in Fastenal by 243.5% in the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company's stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Bank of America Corp DE raised its position in Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the last quarter. Invesco Ltd. boosted its stake in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company's stock worth $893,307,000 after purchasing an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in Fastenal by 1,039.6% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company's stock worth $94,253,000 after purchasing an additional 2,132,593 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FAST. Sanford C. Bernstein restated an "underperform" rating and issued a $42.00 price objective on shares of Fastenal in a research note on Tuesday, April 14th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Fastenal in a research note on Friday, March 27th. Bank of America raised their price target on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. DA Davidson assumed coverage on Fastenal in a research report on Tuesday, June 16th. They issued a "neutral" rating and a $46.00 price target on the stock. Finally, Robert W. Baird reduced their price objective on Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 14th. Four research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Fastenal has an average rating of "Hold" and an average price target of $47.58.

Fastenal Stock Performance

NASDAQ FAST opened at $46.51 on Thursday. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The business's 50 day moving average is $45.47 and its two-hundred day moving average is $44.99. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The stock has a market capitalization of $53.40 billion, a price-to-earnings ratio of 40.80, a PEG ratio of 2.98 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.30. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company's revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 EPS. Research analysts expect that Fastenal Company will post 1.24 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal's dividend payout ratio is presently 84.21%.

About Fastenal

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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