Quantinno Capital Management LP Boosts Stake in Fastenal Company $FAST

Quantinno Capital Management LP increased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 37.9% during the first quarter, HoldingsChannel.com reports. The fund owned 1,302,603 shares of the company’s stock after buying an additional 358,268 shares during the period. Quantinno Capital Management LP’s holdings in Fastenal were worth $60,441,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Lazard Asset Management LLC lifted its stake in Fastenal by 0.7% in the 1st quarter. Lazard Asset Management LLC now owns 44,815 shares of the company’s stock worth $2,079,000 after purchasing an additional 326 shares in the last quarter. Castleark Management LLC grew its position in shares of Fastenal by 2,048.7% in the first quarter. Castleark Management LLC now owns 148,690 shares of the company’s stock valued at $6,899,000 after purchasing an additional 141,770 shares in the last quarter. Gateway Wealth Partners LLC increased its holdings in shares of Fastenal by 117.7% in the first quarter. Gateway Wealth Partners LLC now owns 14,478 shares of the company’s stock valued at $672,000 after purchasing an additional 7,827 shares during the last quarter. Weiss Asset Management LP acquired a new stake in shares of Fastenal in the first quarter valued at approximately $8,061,000. Finally, OMERS ADMINISTRATION Corp lifted its position in Fastenal by 96.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 93,826 shares of the company’s stock worth $4,354,000 after buying an additional 46,058 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 1.0%

FAST opened at $48.10 on Wednesday. The stock has a market capitalization of $55.19 billion, a PE ratio of 40.76, a P/E/G ratio of 2.98 and a beta of 0.72. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The business’s 50 day moving average price is $46.09 and its 200 day moving average price is $45.48.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the firm earned $0.29 earnings per share. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. As a group, equities research analysts expect that Fastenal Company will post 1.25 EPS for the current year.

Fastenal Increases Dividend

The firm also recently disclosed 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 represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is 81.36%.

Analysts Set New Price Targets

FAST has been the topic of a number of recent research reports. Morgan Stanley boosted their price objective on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. DA Davidson reiterated a “neutral” rating and set a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Wolfe Research reissued an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research report on Thursday, July 9th. JPMorgan Chase & Co. upped their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Finally, Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.