Vanguard Group Inc. Trims Holdings in Fastenal Company $FAST

Key Points

• Vanguard Group trimmed its Fastenal stake in Q4 by 63,127 shares but still owns 151,452,412 shares—about 13.19% of the company, valued at roughly $6.08 billion.
• Fastenal's latest quarter delivered $0.30 EPS (in line with estimates) and $2.20 billion in revenue (+12.4% YoY), though EPS fell from $0.52 a year earlier; analysts show a consensus Hold rating with an average target of $49.77.
• The company declared a quarterly dividend of $0.24 (annualized $0.96), implying a ~2.1% yield and an 84.2% payout ratio.

Vanguard Group Inc. decreased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 0.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 151,452,412 shares of the company's stock after selling 63,127 shares during the period. Vanguard Group Inc. owned 13.19% of Fastenal worth $6,077,785,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. SOA Wealth Advisors LLC. lifted its stake in Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company's stock worth $30,000 after acquiring an additional 255 shares during the period. REAP Financial Group LLC purchased a new position in Fastenal during the 3rd quarter valued at $30,000. Field & Main Bank bought a new position in Fastenal in the 4th quarter worth $30,000. First Horizon Corp bought a new position in Fastenal in the 3rd quarter worth $33,000. Finally, Financial Perspectives Inc lifted its position in shares of Fastenal by 414.0% in the 3rd quarter. Financial Perspectives Inc now owns 699 shares of the company's stock worth $34,000 after purchasing an additional 563 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

FAST stock opened at $44.69 on Monday. The firm has a 50 day moving average price of $45.81 and a 200-day moving average price of $43.56. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The firm has a market capitalization of $51.31 billion, a price-to-earnings ratio of 39.20, a PEG ratio of 2.85 and a beta of 0.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share 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 company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The firm's quarterly revenue was up 12.4% compared to the same quarter last year. Equities research analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders 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 2.1%. The ex-dividend date of this dividend is Tuesday, April 28th. Fastenal's dividend payout ratio is currently 84.21%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Fastenal in a research note on Friday, March 27th. Bank of America raised their price objective on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Barclays upped their target price on Fastenal from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Morgan Stanley restated a "positive" rating and issued a $45.00 target price on shares of Fastenal in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. upped their price target on Fastenal from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $49.77.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares in the company, valued at $1,893,600. This trade represents 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 available through the SEC website. 0.28% of the stock is owned by insiders.

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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