Northern Trust Corp Has $552.22 Million Holdings in Fastenal Company $FAST

Key Points

• Northern Trust Corp reduced its stake in Fastenal by 2.8%, now holding approximately $552.22 million worth of shares, which is around 1.24% of the company.
• Analysts have varied price targets for Fastenal, with Stifel Nicolaus setting it at $82.00 and Robert W. Baird upgrading to $55.00, while the average target price stands at $46.36.
• Fastenal reported an earnings per share of $0.29, slightly beating estimates, and announced a quarterly dividend of $0.22 per share, reflecting an annual yield of 1.8%.

Northern Trust Corp decreased its position in Fastenal Company (NASDAQ:FAST - Free Report) by 2.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 7,120,766 shares of the company's stock after selling 201,973 shares during the period. Northern Trust Corp owned about 1.24% of Fastenal worth $552,215,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of FAST. Vanguard Group Inc. increased its holdings in shares of Fastenal by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock valued at $5,685,754,000 after purchasing an additional 1,016,479 shares during the period. Charles Schwab Investment Management Inc. increased its position in Fastenal by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. Baird Financial Group Inc. raised its stake in shares of Fastenal by 0.9% during the 4th quarter. Baird Financial Group Inc. now owns 8,275,793 shares of the company's stock worth $595,112,000 after purchasing an additional 74,903 shares in the last quarter. Royal Bank of Canada increased its holdings in Fastenal by 1.7% in the fourth quarter. Royal Bank of Canada now owns 7,018,546 shares of the company's stock worth $504,703,000 after buying an additional 116,866 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Fastenal by 2.6% in the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after acquiring an additional 168,830 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of FAST traded up $1.25 during mid-day trading on Friday, hitting $50.39. 5,442,493 shares of the company traded hands, compared to its average volume of 5,864,219. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average of $45.26 and a 200 day moving average of $41.35. Fastenal Company has a one year low of $32.04 and a one year high of $50.60. The stock has a market capitalization of $57.83 billion, a price-to-earnings ratio of 48.45, a PEG ratio of 4.59 and a beta of 0.95.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the company earned $0.25 EPS. The business's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Tuesday, July 29th. Fastenal's payout ratio is presently 84.62%.

Insider Activity

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,230 shares of company stock valued at $5,288,364. Insiders own 0.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FAST. Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. Northcoast Research initiated coverage on shares of Fastenal in a research note on Thursday. They issued a "neutral" rating on the stock. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. Finally, Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $47.00 to $55.00 in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal currently has an average rating of "Hold" and a consensus price target of $46.36.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.