Janney Montgomery Scott LLC Raises Stake in Fastenal Company $FAST

Janney Montgomery Scott LLC raised its holdings in Fastenal Company (NASDAQ:FAST) by 3.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 508,933 shares of the company’s stock after purchasing an additional 16,388 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Fastenal were worth $23,614,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in FAST. Elyxium Wealth LLC purchased a new stake in Fastenal during the 4th quarter valued at approximately $25,000. Palladiem LLC acquired a new stake in Fastenal during the 4th quarter worth approximately $25,000. MV Capital Management Inc. purchased a new position in shares of Fastenal in the 4th quarter valued at approximately $29,000. Field & Main Bank purchased a new position in shares of Fastenal in the 4th quarter valued at approximately $30,000. Finally, Tucker Asset Management LLC acquired a new position in shares of Fastenal in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of several analyst reports. Robert W. Baird cut their price target on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Bank of America upped their price objective on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. 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, DA Davidson initiated coverage on shares of Fastenal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 target price on the stock. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and a consensus price target of $49.57.

Fastenal Stock Up 0.6%

FAST opened at $47.40 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. The stock has a market capitalization of $54.42 billion, a P/E ratio of 41.58, a P/E/G ratio of 3.00 and a beta of 0.73. The business has a 50 day simple moving average of $45.11 and a 200-day simple moving average of $44.70.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.Fastenal’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 earnings per share. On average, equities analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were paid a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is 84.21%.

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.