Principal Financial Group Inc. Sells 2,822,940 Shares of Fastenal Company $FAST

Key Points

• Principal Financial Group reduced its Fastenal stake by 24.4% in the first quarter, selling 2,822,940 shares and leaving it with 8,746,516 shares valued at about $405.8 million.
• Fastenal reported quarterly EPS of $0.30, matching estimates, on revenue of $2.20 billion, which was slightly above expectations and up 12.4% year over year.
• The company increased its quarterly dividend to $0.26 per share from $0.24, implying a $1.04 annualized payout and a yield of about 2.2%.

Principal Financial Group Inc. trimmed its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 24.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,746,516 shares of the company's stock after selling 2,822,940 shares during the period. Principal Financial Group Inc. owned about 0.76% of Fastenal worth $405,840,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Fastenal during the 4th quarter valued at $646,046,000. Wellington Management Group LLP lifted its position in Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company's stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock worth $648,118,000 after buying an additional 7,943,217 shares during the period. Invesco Ltd. boosted 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 buying an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its holdings in Fastenal by 1,039.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company's stock worth $94,253,000 after acquiring an additional 2,132,593 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Up 1.2%

NASDAQ:FAST opened at $47.05 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The firm has a market cap of $54.02 billion, a P/E ratio of 41.27, a P/E/G ratio of 2.94 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The firm has a 50-day simple moving average of $45.60 and a two-hundred day simple moving average of $45.09.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. Analysts predict that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a $0.26 dividend. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.2%. Fastenal's payout ratio is currently 84.21%.

Analyst Ratings Changes

A number of equities analysts have issued reports on FAST shares. Morgan Stanley set a $48.00 price objective on shares of Fastenal and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a "buy" rating in a research report on Monday. Sanford C. Bernstein reiterated an "underperform" rating and issued a $42.00 price objective on shares of Fastenal in a report on Tuesday, April 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of Fastenal in a research report on Wednesday, July 8th. Finally, 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. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $48.31.

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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