Fastenal Company $FAST Stock Holdings Lifted by CIBC Asset Management Inc

CIBC Asset Management Inc increased its holdings in Fastenal Company (NASDAQ:FAST) by 31.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 505,817 shares of the company’s stock after buying an additional 122,149 shares during the period. CIBC Asset Management Inc’s holdings in Fastenal were worth $20,298,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Brighton Jones LLC acquired a new position in shares of Fastenal during the fourth quarter valued at $496,000. Integrated Wealth Concepts LLC lifted its position in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the last quarter. Quantbot Technologies LP acquired a new position in Fastenal during the 2nd quarter valued at about $158,000. Jump Financial LLC bought a new position in Fastenal in the 2nd quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC grew its position in Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after purchasing an additional 1,771 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FAST shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research report on Thursday. Bank of America lifted their target price on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Raymond James Financial set a $48.00 price target on Fastenal in a research report on Thursday, March 5th. Finally, Benchmark reissued a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Five 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 stock. According to MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average target price of $49.85.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $47.19 on Friday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. 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 firm has a 50-day moving average of $45.05 and a two-hundred day moving average of $43.98. The company has a market capitalization of $54.17 billion, a price-to-earnings ratio of 41.39, a PEG ratio of 2.96 and a beta of 0.73.

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

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.0%. Fastenal’s payout ratio is 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.