Swiss National Bank Grows Stock Holdings in Fastenal Company $FAST

Swiss National Bank lifted its holdings in Fastenal Company (NASDAQ:FAST) by 7.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,369,200 shares of the company’s stock after acquiring an additional 224,300 shares during the quarter. Swiss National Bank’s holdings in Fastenal were worth $156,331,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Arjuna Capital boosted its holdings in Fastenal by 3.2% during the 1st quarter. Arjuna Capital now owns 54,182 shares of the company’s stock valued at $2,514,000 after acquiring an additional 1,699 shares during the period. Assetmark Inc. lifted its position in Fastenal by 19.1% in the first quarter. Assetmark Inc. now owns 30,039 shares of the company’s stock valued at $1,394,000 after purchasing an additional 4,808 shares during the last quarter. Angeles Wealth Management LLC boosted its stake 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 valued at $313,000 after purchasing an additional 524 shares during the period. Bessemer Group Inc. grew its holdings in shares of Fastenal by 11.7% in the first quarter. Bessemer Group Inc. now owns 87,832 shares of the company’s stock worth $4,076,000 after purchasing an additional 9,176 shares during the last quarter. Finally, Independent Financial Group LLC purchased a new position in shares of Fastenal in the first quarter worth $427,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

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 firm’s fifty day simple moving average is $45.71 and its 200 day simple moving average is $45.20. The stock has a market cap of $52.20 billion, a P/E ratio of 38.55, a price-to-earnings-growth ratio of 2.85 and a beta of 0.72. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the business earned $0.29 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, research analysts predict that Fastenal Company will post 1.25 EPS for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio is presently 81.36%.

Analyst Ratings Changes

FAST has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley raised their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Robert W. Baird reduced their price target on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Five investment 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $48.83.

Fastenal Company 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.