Strs Ohio Raises Stock Position in Fastenal Company $FAST

Key Points

• Strs Ohio increased its stake in Fastenal by 252.6% in Q4 to 96,798 shares, bringing its holding to about $3.885 million.
• Fastenal reported EPS of $0.30 (in line with estimates) and revenue of $2.20 billion, up 12.4% year-over-year, and declared a quarterly dividend of $0.24 (annualized $0.96, ~2.2% yield).
• Director Reyne K. Wisecup sold 36,920 shares at an average price of $47.34 for roughly $1.75 million, a 48.00% reduction in their ownership, leaving 40,000 shares.

Strs Ohio grew its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 252.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,798 shares of the company's stock after buying an additional 69,348 shares during the period. Strs Ohio's holdings in Fastenal were worth $3,885,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FAST. REAP Financial Group LLC purchased a new stake in shares of Fastenal in the 3rd quarter valued at about $30,000. First Horizon Corp purchased a new position in Fastenal during the 3rd quarter worth approximately $33,000. Financial Perspectives Inc grew its stake in Fastenal by 414.0% during the 3rd quarter. Financial Perspectives Inc now owns 699 shares of the company's stock worth $34,000 after buying an additional 563 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Fastenal during the third quarter worth approximately $35,000. Finally, Westfuller Advisors LLC acquired a new position in Fastenal during the third quarter worth approximately $36,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal 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 sale, the director owned 40,000 shares of the company's stock, valued at $1,893,600. The trade was a 48.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FAST. Sanford C. Bernstein reissued an "underperform" rating and issued a $42.00 price objective on shares of Fastenal in a report on Tuesday, April 14th. UBS Group reaffirmed a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Bank of America upped their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Finally, Morgan Stanley reissued a "positive" rating and set a $45.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Five investment 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. Based on data from MarketBeat.com, Fastenal has a consensus rating of "Hold" and a consensus price target of $49.77.

Fastenal Trading Down 1.2%

Shares of FAST stock opened at $44.33 on Wednesday. The company has a market capitalization of $50.89 billion, a P/E ratio of 38.89, a price-to-earnings-growth ratio of 2.86 and a beta of 0.75. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The business's 50 day moving average is $45.66 and its two-hundred day moving average is $43.58. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63.

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

Fastenal Announces Dividend

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 dividend of $0.24 per share. The ex-dividend date is Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. Fastenal's dividend payout ratio is presently 84.21%.

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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