LGT Fund Management Co Ltd. Has $9.52 Million Stock Position in Fastenal Company $FAST

Key Points

• LGT Fund Management Co Ltd. boosted its Fastenal stake by 175.5% in Q1, ending with 205,150 shares valued at about $9.52 million.
• Fastenal continues to attract institutional interest, with institutions owning 81.38% of the stock overall.
• Analysts are mixed on the shares: the consensus rating is Hold with an average price target of $47.75, while Fastenal recently traded at $46.49 after a 0.3% gain.

LGT Fund Management Co Ltd. increased its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 175.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 205,150 shares of the company's stock after purchasing an additional 130,676 shares during the period. LGT Fund Management Co Ltd.'s holdings in Fastenal were worth $9,519,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Elyxium Wealth LLC bought a new position in Fastenal during the fourth quarter worth about $25,000. Palladiem LLC bought a new stake in shares of Fastenal in the 4th quarter valued at about $25,000. MV Capital Management Inc. acquired a new stake in shares of Fastenal in the 4th quarter valued at approximately $29,000. Field & Main Bank acquired a new stake in shares of Fastenal in the 4th quarter valued at approximately $30,000. Finally, Tucker Asset Management LLC bought a new position in Fastenal during the 4th quarter worth approximately $33,000. Institutional investors own 81.38% of the company's stock.

Analyst Ratings Changes

FAST has been the subject of a number of analyst reports. Bank of America boosted their price objective on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. DA Davidson began coverage on shares of Fastenal in a research report on Tuesday, June 16th. They set a "neutral" rating and a $46.00 price target on the stock. Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Wolfe Research reaffirmed an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $47.75.

Fastenal Stock Up 0.3%

Shares of Fastenal stock traded up $0.14 on Friday, hitting $46.49. The company had a trading volume of 7,590,310 shares, compared to its average volume of 6,944,334. The firm has a market capitalization of $53.37 billion, a P/E ratio of 40.78, a P/E/G ratio of 2.94 and a beta of 0.72. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. The stock has a 50-day moving average of $45.55 and a 200-day moving average of $45.02.

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

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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