Mcdonald Capital Investors Inc. CA Sells 772,160 Shares of Fastenal Company $FAST

Key Points

• Mcdonald Capital Investors Inc. CA cut its Fastenal stake by 87.6% in the first quarter, selling 772,160 shares and leaving 109,280 shares valued at about $5.07 million.
• Fastenal’s latest quarterly earnings matched expectations at $0.30 per share, while revenue came in slightly above estimates at $2.20 billion, up 12.4% from a year earlier.
• The company raised its quarterly dividend to $0.26 per share from $0.24, implying an annualized dividend of $1.04 and a yield of 2.2%.

Mcdonald Capital Investors Inc. CA decreased its position in Fastenal Company (NASDAQ:FAST - Free Report) by 87.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 109,280 shares of the company's stock after selling 772,160 shares during the period. Fastenal comprises approximately 0.3% of Mcdonald Capital Investors Inc. CA's portfolio, making the stock its 18th biggest holding. Mcdonald Capital Investors Inc. CA's holdings in Fastenal were worth $5,071,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

FAST has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price target on Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, April 14th. Wolfe Research reiterated an "underperform" rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday. Sanford C. Bernstein reissued an "underperform" rating and set a $42.00 target price on shares of Fastenal in a research note on Tuesday, April 14th. JPMorgan Chase & Co. raised their price target on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Finally, Bank of America raised their price target on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $48.31.

Fastenal Price Performance

FAST stock opened at $47.05 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The firm has a 50-day moving average of $45.60 and a 200 day moving average of $45.09. The company has a market cap of $54.02 billion, a P/E ratio of 41.27, a PEG ratio of 2.94 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data 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 return on equity of 33.25% and a net margin of 15.39%.The business had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.19 billion. During the same period in the previous year, the firm posted $0.52 EPS. The business's revenue was up 12.4% on a year-over-year basis. On average, sell-side analysts forecast that Fastenal Company will post 1.24 EPS for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio (DPR) is 84.21%.

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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