Hsbc Holdings PLC Grows Stake in Fastenal Company $FAST

Key Points

• HSBC Holdings PLC increased its stake in Fastenal by 9.0% in the first quarter, bringing its holdings to 3.55 million shares valued at about $164.5 million.
• Fastenal reported strong quarterly results, with EPS of $0.33 matching estimates and revenue of $2.39 billion topping expectations, while revenue rose 14.7% year over year.
• The company also raised its quarterly dividend to $0.26 per share from $0.24, implying an annualized payout of $1.04 and a dividend yield of about 2.3%.

Hsbc Holdings PLC increased its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,551,740 shares of the company's stock after purchasing an additional 294,660 shares during the period. Hsbc Holdings PLC owned 0.31% of Fastenal worth $164,464,000 as of its most recent filing with the Securities & Exchange Commission.

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

Fastenal Price Performance

FAST stock opened at $45.49 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.34. The business has a 50 day simple moving average of $45.71 and a 200-day simple moving average of $45.18. The firm has a market capitalization of $52.22 billion, a PE ratio of 38.55, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm's revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. Equities research analysts anticipate that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced 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 boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.3%. Fastenal's dividend payout ratio is 81.36%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. 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. Bank of America lifted their target price on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Morgan Stanley upped their target price on shares of Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday. DA Davidson reiterated a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a research report on Wednesday. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal presently has an average rating of "Hold" and a consensus price target of $48.83.

Fastenal Company 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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