Swiss National Bank Purchases 224,300 Shares of Fastenal Company $FAST

Key Points

• Swiss National Bank increased its Fastenal stake by 7.1% in Q1, buying 224,300 additional shares and bringing its total holding to 3.37 million shares worth about $156.3 million.
• Fastenal reported quarterly earnings of $0.33 per share, matching analyst expectations, while revenue came in at $2.39 billion, above estimates and up 14.7% year over year.
• The company raised its quarterly dividend to $0.26 per share from $0.24, and Wall Street currently has a consensus rating of Hold with a price target of $48.83.

Swiss National Bank raised its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 7.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,369,200 shares of the company's stock after acquiring an additional 224,300 shares during the period. Swiss National Bank owned about 0.29% of Fastenal worth $156,331,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in FAST. Arjuna Capital raised its holdings in shares of Fastenal by 3.2% in the 1st quarter. Arjuna Capital now owns 54,182 shares of the company's stock valued at $2,514,000 after purchasing an additional 1,699 shares during the period. Assetmark Inc. lifted its holdings in shares of Fastenal by 19.1% during the first quarter. Assetmark Inc. now owns 30,039 shares of the company's stock worth $1,394,000 after buying an additional 4,808 shares in the last quarter. Angeles Wealth Management LLC lifted its holdings in shares of Fastenal by 8.4% during the first quarter. Angeles Wealth Management LLC now owns 6,738 shares of the company's stock worth $313,000 after buying an additional 524 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Fastenal by 11.7% in the first quarter. Bessemer Group Inc. now owns 87,832 shares of the company's stock valued at $4,076,000 after acquiring an additional 9,176 shares during the period. Finally, Independent Financial Group LLC bought a new stake in Fastenal in the 1st quarter valued at about $427,000. Institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $45.49 on Monday. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The stock's 50 day moving average is $45.71 and its 200-day moving average is $45.20. 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 $52.20 billion, a price-to-earnings ratio of 38.55, a PEG ratio of 2.85 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the company earned $0.29 earnings per share. The company's revenue for the quarter was up 14.7% on a year-over-year basis. Sell-side analysts forecast that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.3%. Fastenal's dividend payout ratio is 81.36%.

Wall Street Analyst Weigh In

FAST has been the topic of a number of analyst reports. Barclays reduced their price objective on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Thursday. Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a research report on Wednesday, July 8th. Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Bank of America increased their price target on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Finally, Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research report on Wednesday. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $48.83.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.