Thrivent Financial for Lutherans Has $273.70 Million Holdings in Fastenal Company $FAST

Key Points

• Thrivent Financial for Lutherans boosted its Fastenal stake by 16.4% in the fourth quarter, adding 959,731 shares and bringing its total holding to 6.82 million shares valued at about $273.7 million.
• Fastenal reported mixed but solid quarterly results, with earnings per share of $0.30 matching expectations and revenue of $2.20 billion slightly topping estimates; revenue was up 12.4% year over year.
• The company also announced a quarterly dividend of $0.24 per share, equal to a 2.2% annualized yield, while analysts currently rate the stock a consensus “Hold” with a target price near $49.77.

Thrivent Financial for Lutherans lifted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 16.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,820,172 shares of the company's stock after buying an additional 959,731 shares during the quarter. Fastenal comprises about 0.5% of Thrivent Financial for Lutherans' holdings, making the stock its 25th largest position. Thrivent Financial for Lutherans owned 0.59% of Fastenal worth $273,699,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. REAP Financial Group LLC acquired a new stake in Fastenal in the third quarter worth $30,000. Field & Main Bank acquired a new stake in Fastenal in the fourth quarter worth $30,000. First Horizon Corp acquired a new stake in Fastenal in the third quarter worth $33,000. Manning & Napier Advisors LLC acquired a new stake in Fastenal in the third quarter worth $35,000. Finally, Tradewinds Capital Management LLC acquired a new stake in Fastenal in the fourth quarter worth $35,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Up 0.5%

Fastenal stock opened at $43.98 on Friday. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63. The firm has a market capitalization of $50.49 billion, a price-to-earnings ratio of 38.58, a price-to-earnings-growth ratio of 2.79 and a beta of 0.75. The firm's fifty day moving average price is $45.42 and its two-hundred day moving average price is $43.64. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the firm earned $0.52 earnings per share. The business's quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities research analysts predict that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

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

Insider Buying and Selling at Fastenal

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

Analyst Ratings Changes

A number of research firms have commented on FAST. Robert W. Baird reduced their price target on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, April 14th. JPMorgan Chase & Co. raised their price target on shares of Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Barclays raised their price target 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. Bank of America raised their price target on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Finally, Raymond James Financial set a $48.00 price target on shares of Fastenal in a report on Thursday, March 5th. Five 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. According to MarketBeat, Fastenal has a consensus rating of "Hold" and a consensus target price of $49.77.

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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