M&T Bank Corp Sells 43,337 Shares of Fastenal Company $FAST

Key Points

• M&T Bank Corp cut its stake in Fastenal by 25.3% in the 4th quarter, selling 43,337 shares and leaving 127,920 shares valued at about $5.13 million.
• Fastenal reported quarterly EPS of $0.30 (in line with estimates) and revenue of $2.20 billion (up 12.4% YoY), and announced a quarterly dividend of $0.24 per share (annualized $0.96, yield 2.1%, ex-dividend Apr 28).
• Director Reyne K. Wisecup sold 36,920 shares on March 5 (reducing their holding by 48%), while Wall Street presents mixed views with a consensus "Hold" rating and a $49.77 target price.

M&T Bank Corp cut its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 25.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,920 shares of the company's stock after selling 43,337 shares during the period. M&T Bank Corp's holdings in Fastenal were worth $5,133,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. REAP Financial Group LLC bought a new stake in Fastenal in the third quarter valued at approximately $30,000. First Horizon Corp bought a new stake in Fastenal in the third quarter valued at approximately $33,000. Manning & Napier Advisors LLC bought a new stake in Fastenal in the third quarter valued at approximately $35,000. Westfuller Advisors LLC bought a new stake in Fastenal in the third quarter valued at approximately $36,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Fastenal in the third quarter valued at approximately $36,000. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Fastenal stock opened at $44.71 on Thursday. The stock has a market capitalization of $51.33 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 2.83 and a beta of 0.75. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The stock's 50 day moving average price is $45.65 and its two-hundred day moving average price is $43.60. 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 posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.30. The firm had revenue of $2.20 billion for the quarter, compared to analysts' expectations of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company's revenue for the quarter was up 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.52 EPS. On average, equities analysts predict that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's dividend payout ratio is presently 84.21%.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director directly owned 40,000 shares of the company's stock, valued at $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.28% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on FAST shares. Sanford C. Bernstein reiterated an "underperform" rating and issued a $42.00 target price on shares of Fastenal in a report on Tuesday, April 14th. JPMorgan Chase & Co. upped their target price on Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Weiss Ratings restated a "buy (b-)" rating on shares of Fastenal in a report on Friday, March 27th. Bank of America increased their price target on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Finally, Barclays increased their price target on Fastenal from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and a consensus target price of $49.77.

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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