ProShare Advisors LLC Has $229.68 Million Stake in Fastenal Company $FAST

Key Points

• ProShare Advisors LLC boosted its Fastenal stake by 15.8% in the fourth quarter, ending with 5.72 million shares valued at about $229.7 million.
• Fastenal reported quarterly EPS of $0.30, matching expectations, while revenue rose 12.4% year over year to $2.20 billion. Analysts expect the company to earn 1.23 EPS for the full fiscal year.
• The company объявounced a $0.24 quarterly dividend payable May 26, implying a 2.2% yield; meanwhile, Wall Street’s consensus rating remains Hold with an average price target of $49.77.

ProShare Advisors LLC increased its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 15.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,723,507 shares of the company's stock after acquiring an additional 782,713 shares during the quarter. ProShare Advisors LLC owned approximately 0.50% of Fastenal worth $229,684,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Integrated Wealth Concepts LLC raised 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 valued at $487,000 after purchasing an additional 147 shares during the period. Founders Capital Management LLC raised its holdings in shares of Fastenal by 2.2% in the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company's stock worth $418,000 after acquiring an additional 228 shares during the last quarter. L2 Asset Management LLC raised its holdings in shares of Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company's stock worth $264,000 after acquiring an additional 248 shares during the last quarter. KLCM Advisors Inc. raised its holdings in shares of Fastenal by 0.8% in the 3rd quarter. KLCM Advisors Inc. now owns 33,800 shares of the company's stock worth $1,658,000 after acquiring an additional 260 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of Fastenal by 1.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 19,415 shares of the company's stock worth $952,000 after acquiring an additional 260 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Transactions at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the company's stock in a transaction dated 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 completion of the sale, the director directly owned 40,000 shares of the company's stock, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.28% of the company's stock.

Fastenal Trading Up 1.7%

Shares of FAST stock opened at $44.00 on Tuesday. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. 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 company has a 50-day simple moving average of $45.29 and a two-hundred day simple moving average of $43.67. The company has a market capitalization of $50.51 billion, a price-to-earnings ratio of 38.60, a PEG ratio of 2.76 and a beta of 0.75.

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

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's dividend payout ratio is presently 84.21%.

Wall Street Analyst Weigh In

FAST has been the topic of a number of analyst reports. Robert W. Baird lowered their target price on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, April 14th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Raymond James Financial set a $48.00 target price on shares of Fastenal in a report on Thursday, March 5th. Sanford C. Bernstein restated an "underperform" rating and issued a $42.00 target price on shares of Fastenal in a report on Tuesday, April 14th. Finally, Barclays upped their target price on shares of Fastenal from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Five research 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's stock. According to data from MarketBeat.com, Fastenal has an average rating of "Hold" and a consensus target price of $49.77.

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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