Handelsbanken Fonder AB Has $27.03 Million Stock Position in Fastenal Company $FAST

Key Points

• Handelsbanken Fonder AB trimmed its Fastenal stake by 3.3% in the fourth quarter, but still held 673,438 shares valued at about $27.03 million.
• Fastenal reported quarterly earnings of $0.30 per share, matching expectations, while revenue came in at $2.20 billion, slightly above estimates and up 12.4% year over year.
• The company declared a quarterly dividend of $0.24 per share to be paid May 26, while analysts currently rate the stock a consensus “Hold” with an average price target of $49.77.

Handelsbanken Fonder AB lowered its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 3.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 673,438 shares of the company's stock after selling 23,185 shares during the period. Handelsbanken Fonder AB owned 0.06% of Fastenal worth $27,025,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FAST. Brighton Jones LLC acquired a new stake in Fastenal in the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC boosted its position in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after buying an additional 147 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Fastenal in the second quarter valued at approximately $158,000. Jump Financial LLC acquired a new stake in Fastenal in the second quarter valued at approximately $2,199,000. Finally, Cary Street Partners Financial LLC lifted its holdings in shares of Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock worth $141,000 after purchasing an additional 1,771 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Insiders Place Their Bets

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares of the company's stock, valued at approximately $1,893,600. The trade was a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.28% of the company's stock.

Fastenal Price Performance

FAST stock opened at $43.68 on Thursday. The firm has a market cap of $50.15 billion, a price-to-earnings ratio of 38.32, a PEG ratio of 2.77 and a beta of 0.75. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The company's fifty day simple moving average is $45.17 and its 200 day simple moving average is $43.70.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the firm posted $0.52 earnings per share. The business's revenue was up 12.4% compared to the same quarter last year. On average, analysts expect that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FAST. Weiss Ratings reiterated a "buy (b-)" rating on shares of Fastenal in a report on Friday, March 27th. Wolfe Research cut their price target on shares of Fastenal from $46.00 to $45.00 and set an "underperform" rating on the stock in a report on Tuesday, April 14th. Sanford C. Bernstein reiterated an "underperform" rating and set a $42.00 price target on shares of Fastenal in a report on Tuesday, April 14th. Morgan Stanley reiterated a "positive" rating and set a $45.00 price target on shares of Fastenal in a report on Thursday, March 5th. Finally, Benchmark reiterated a "buy" rating on shares of Fastenal in a report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Fastenal currently has an average rating of "Hold" and an average price target of $49.77.

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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