Twin Capital Management Inc. Sells 38,568 Shares of Fastenal Company $FAST

Key Points

• Twin Capital Management cut its Fastenal stake by 85% in the fourth quarter, selling 38,568 shares and ending with 6,820 shares worth about $274,000.
• Fastenal reported quarterly EPS of $0.30 and revenue of $2.20 billion, both in line with or slightly above expectations, with revenue rising 12.4% year over year.
• The company declared a quarterly dividend of $0.24 per share, implying a 2.2% annual yield, while analysts currently have a consensus rating of Hold with an average price target of $49.77.

Twin Capital Management Inc. lowered its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 85.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,820 shares of the company's stock after selling 38,568 shares during the quarter. Twin Capital Management Inc.'s holdings in Fastenal were worth $274,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Fastenal by 1.6% in the 3rd 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 during the period. National Pension Service grew its position in Fastenal by 3.6% in the 3rd quarter. National Pension Service now owns 1,558,579 shares of the company's stock valued at $76,433,000 after purchasing an additional 53,888 shares during the period. Franklin Resources Inc. grew its position in Fastenal by 1.2% in the 3rd quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company's stock valued at $362,282,000 after purchasing an additional 90,095 shares during the period. BlueStem Wealth Partners LLC acquired a new stake in Fastenal in the 3rd quarter valued at $634,000. Finally, Arjuna Capital acquired a new stake in Fastenal in the 3rd quarter valued at $3,999,000. Institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

FAST opened at $43.53 on Friday. 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 market capitalization of $49.97 billion, a price-to-earnings ratio of 38.18, a P/E/G ratio of 2.78 and a beta of 0.75. The firm's fifty day moving average price is $45.12 and its two-hundred day moving average price is $43.71. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63.

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

Fastenal Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. 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 research report on Tuesday, April 14th. Wolfe Research reduced their price target on shares of Fastenal from $46.00 to $45.00 and set an "underperform" rating for the company in a research report on Tuesday, April 14th. Benchmark reissued a "buy" rating on shares of Fastenal in a research report on Thursday, March 5th. Finally, Raymond James Financial set a $48.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $49.77.

Insider Transactions at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on 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 transaction, the director directly owned 40,000 shares of the company's stock, valued at $1,893,600. The trade was a 48.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.28% of the stock is owned by corporate insiders.

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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