Keybank National Association OH Boosts Stake in Fastenal Company $FAST

Key Points

• Keybank National Association OH increased its Fastenal stake by 100.2% in Q4, buying 46,459 shares to hold 92,844 shares valued at about $3.73 million.
• Fastenal reported $0.30 EPS for the quarter (in line with estimates) on $2.20 billion of revenue, up 12.4% year-over-year, and declared a quarterly dividend of $0.24 (annualized $0.96, 2.1% yield; DPR 84.21%).
• 81.38% of the stock is held by institutional investors; the company has a ~$51.6 billion market cap, trades in the mid-$40s, and carries a consensus analyst rating of "Hold" with an average target of about $49.77.

Keybank National Association OH grew its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 100.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,844 shares of the company's stock after buying an additional 46,459 shares during the period. Keybank National Association OH's holdings in Fastenal were worth $3,726,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. Bank of America Corp DE boosted its holdings in shares of Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock worth $648,118,000 after purchasing an additional 7,943,217 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Fastenal by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company's stock valued at $7,430,322,000 after purchasing an additional 2,346,045 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company's stock valued at $893,307,000 after purchasing an additional 2,242,116 shares in the last quarter. American Century Companies Inc. boosted its holdings in Fastenal by 90.7% during the 3rd quarter. American Century Companies Inc. now owns 3,590,292 shares of the company's stock valued at $176,068,000 after acquiring an additional 1,707,396 shares during the period. Finally, Raymond James Financial Inc. boosted its position in Fastenal by 112.1% during the 2nd quarter. Raymond James Financial Inc. now owns 2,771,861 shares of the company's stock valued at $116,418,000 after buying an additional 1,464,781 shares during the period. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Trading Up 2.8%

Fastenal stock opened at $44.93 on Friday. The stock has a 50-day moving average of $45.70 and a two-hundred day moving average of $43.56. The stock has a market cap of $51.58 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 2.79 and a beta of 0.84. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39.

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

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's dividend payout ratio (DPR) is currently 84.21%.

Insider Buying and Selling

In other news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction dated 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 owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on FAST shares. Barclays lifted their price target on shares of Fastenal from $44.00 to $45.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Wolfe Research lowered their price objective on Fastenal from $46.00 to $45.00 and set an "underperform" rating for the company in a research note on Tuesday, April 14th. UBS Group reaffirmed a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Raymond James Financial set a $48.00 price target on Fastenal in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fastenal has a consensus rating of "Hold" and an average price target of $49.77.

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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