Provident Trust Co. Sells 222,767 Shares of Fastenal Company $FAST

Key Points

• Provident Trust Co. sold 222,767 shares of Fastenal, trimming its stake by 4.1% to 5,169,588 shares (about 0.45% of Fastenal) valued at $207.46 million, with Fastenal representing roughly 3.5% of Provident’s portfolio and its 12th largest holding.
• Fastenal reported quarterly EPS of $0.30 (in line with estimates) on revenue of $2.20 billion, up 12.4% year‑over‑year, and declared a quarterly dividend of $0.24 per share (annualized $0.96, ~2.1% yield) with a payout ratio of 84.2%.

Provident Trust Co. lowered its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 4.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,169,588 shares of the company's stock after selling 222,767 shares during the period. Fastenal comprises about 3.5% of Provident Trust Co.'s portfolio, making the stock its 12th largest holding. Provident Trust Co. owned 0.45% of Fastenal worth $207,456,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in FAST. Bank of America Corp DE grew its position in Fastenal by 106.1% in the second 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 in the last quarter. Vanguard Group Inc. grew its position in Fastenal by 1.6% in the third 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 in the last quarter. Invesco Ltd. grew its position in Fastenal by 14.0% in the third 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 in the last quarter. American Century Companies Inc. grew its position in Fastenal by 90.7% in the third 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 in the last quarter. Finally, Raymond James Financial Inc. grew its position in Fastenal by 112.1% in the second quarter. Raymond James Financial Inc. now owns 2,771,861 shares of the company's stock valued at $116,418,000 after purchasing an additional 1,464,781 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

Shares of FAST stock opened at $44.91 on Friday. The stock has a market cap of $51.56 billion, a P/E ratio of 39.40, a P/E/G ratio of 2.86 and a beta of 0.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. The company has a fifty day moving average price of $45.70 and a two-hundred day moving average price of $43.56. Fastenal Company has a one year low of $38.97 and a one year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its 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 company had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. Fastenal's quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 EPS. As a group, equities analysts predict that Fastenal Company will post 1.23 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be paid 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 is Tuesday, April 28th. Fastenal's dividend payout ratio (DPR) is currently 84.21%.

Analyst Ratings Changes

A number of brokerages have commented on FAST. UBS Group reiterated a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Benchmark reiterated a "buy" rating on shares of Fastenal in a research note on Thursday, March 5th. Robert W. Baird cut their price target on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, April 14th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Fastenal in a research note on Friday, March 27th. Finally, Sanford C. Bernstein reiterated an "underperform" rating and issued a $42.00 price target on shares of Fastenal in a research note on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and a consensus target price of $49.77.

Insider Activity

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

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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