PNC Financial Services Group Inc. Buys 15,387 Shares of Fastenal Company $FAST

PNC Financial Services Group Inc. lifted its stake in shares of Fastenal Company (NASDAQ:FAST) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 837,695 shares of the company’s stock after buying an additional 15,387 shares during the period. PNC Financial Services Group Inc.’s holdings in Fastenal were worth $38,869,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wiregrass Investment Management LLC acquired a new stake in shares of Fastenal during the fourth quarter worth $1,020,000. Assenagon Asset Management S.A. increased its stake in Fastenal by 20.2% in the fourth quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock valued at $13,173,000 after purchasing an additional 55,191 shares during the last quarter. Swiss Life Asset Management Ltd increased its stake in Fastenal by 2.7% in the fourth quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after purchasing an additional 39,406 shares during the last quarter. LBP AM SA lifted its position in Fastenal by 11.8% during the fourth quarter. LBP AM SA now owns 232,847 shares of the company’s stock worth $9,344,000 after buying an additional 24,536 shares during the period. Finally, Fideuram Asset Management Ireland dac acquired a new stake in Fastenal in the 4th quarter worth about $4,041,000. 81.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FAST shares. Morgan Stanley increased their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, July 8th. Wolfe Research reiterated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. DA Davidson restated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Bank of America upped their price target on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Five research 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. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $48.83.

Fastenal Stock Up 1.8%

Shares of Fastenal stock opened at $46.15 on Friday. 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 has a market cap of $52.96 billion, a P/E ratio of 39.11, a P/E/G ratio of 2.84 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The business has a 50-day moving average price of $45.85 and a 200 day moving average price of $45.34.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.29 earnings per share. On average, sell-side analysts forecast that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company 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. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.3%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is currently 81.36%.

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.