SEB Asset Management AB Makes New $11.38 Million Investment in Fastenal Company $FAST

Key Points

• SEB Asset Management AB opened a new position in Fastenal during the first quarter, buying 245,144 shares worth about $11.38 million.
• Fastenal reported Q2 earnings of $0.33 per share, matching estimates, while revenue came in at $2.39 billion, up 14.7% from a year earlier and above expectations.
• The company also raised its quarterly dividend to $0.26 per share from $0.24, with the stock recently trading around $44.76 and analysts maintaining a Hold consensus rating.

SEB Asset Management AB purchased a new position in Fastenal Company (NASDAQ:FAST - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 245,144 shares of the company's stock, valued at approximately $11,375,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Elyxium Wealth LLC bought a new stake in Fastenal in the 4th quarter valued at about $25,000. Palladiem LLC bought a new position in Fastenal in the fourth quarter worth approximately $25,000. Evergreen Advisors LLC acquired a new stake in Fastenal in the first quarter valued at approximately $26,000. MV Capital Management Inc. acquired a new stake in Fastenal in the fourth quarter valued at approximately $29,000. Finally, Field & Main Bank bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $30,000. Institutional investors own 81.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FAST shares. Barclays cut their target price on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. Jefferies Financial Group restated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Robert W. Baird dropped their price objective on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a "buy" rating in a report on Monday, July 13th. Finally, Wolfe Research reissued an "underperform" rating and set a $47.00 target price on shares of Fastenal in a research report on Thursday, July 9th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $48.83.

Fastenal Stock Down 1.6%

FAST stock opened at $44.76 on Tuesday. The stock has a 50-day simple moving average of $45.74 and a two-hundred day simple moving average of $45.23. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The firm has a market capitalization of $51.36 billion, a PE ratio of 37.93, a PEG ratio of 2.85 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the firm earned $0.29 EPS. The business's quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.3%. Fastenal's dividend payout ratio (DPR) is 81.36%.

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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