Northwestern Mutual Wealth Management Co. Acquires 55,412 Shares of Fastenal Company $FAST

Key Points

• Northwestern Mutual Wealth Management boosted its Fastenal stake by 67% in the fourth quarter, adding 55,412 shares and bringing its total holdings to 138,071 shares worth about $5.54 million.
• Fastenal reported Q1 earnings of $0.30 per share, matching analyst expectations, on revenue of $2.20 billion, which slightly topped estimates and rose 12.4% year over year.
• The company also declared a quarterly dividend of $0.24 per share, implying an annualized payout of $0.96 and a dividend yield of about 2.2%.

Northwestern Mutual Wealth Management Co. increased its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 67.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,071 shares of the company's stock after acquiring an additional 55,412 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Fastenal were worth $5,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of FAST. Bank of America Corp DE grew its position in Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the last quarter. Vanguard Group Inc. grew its position in Fastenal by 1.6% during 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 during the last quarter. Invesco Ltd. grew its position in Fastenal by 14.0% during 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 during the last quarter. Bank Julius Baer & Co. Ltd Zurich grew its position in Fastenal by 1,039.6% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company's stock valued at $94,253,000 after purchasing an additional 2,132,593 shares during the last quarter. Finally, American Century Companies Inc. grew its position 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 purchasing an additional 1,707,396 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $43.94 on Friday. The firm's 50-day moving average price is $45.06 and its 200-day moving average price is $43.72. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The company has a market cap of $50.44 billion, a PE ratio of 38.54, a PEG ratio of 2.80 and a beta of 0.75. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63.

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

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's dividend payout ratio (DPR) is presently 84.21%.

Analysts Set New Price Targets

Several brokerages recently commented on FAST. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Barclays increased their price objective 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. Robert W. Baird cut their price objective on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 14th. Wolfe Research cut their price objective on shares of Fastenal from $46.00 to $45.00 and set an "underperform" rating on the stock in a research report on Tuesday, April 14th. Finally, Bank of America increased their price objective on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $49.77.

Insider Activity

In related news, Director Reyne K. Wisecup sold 36,920 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the transaction, the director owned 40,000 shares of the company's stock, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.28% of the stock is currently owned by insiders.

Fastenal 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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