Federated Hermes Inc. Raises Stake in Fastenal Company $FAST

Federated Hermes Inc. grew its holdings in Fastenal Company (NASDAQ:FAST) by 19.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 198,188 shares of the company’s stock after acquiring an additional 32,438 shares during the quarter. Federated Hermes Inc.’s holdings in Fastenal were worth $9,719,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in FAST. Integrated Wealth Concepts LLC lifted its position in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares during the period. Sowell Financial Services LLC raised its stake in shares of Fastenal by 4.7% during the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after purchasing an additional 238 shares during the last quarter. Rowlandmiller & PARTNERS.ADV lifted its holdings in shares of Fastenal by 1.7% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock worth $721,000 after purchasing an additional 250 shares during the period. SOA Wealth Advisors LLC. grew its position in Fastenal by 71.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after buying an additional 255 shares during the last quarter. Finally, Harfst & Associates Inc. increased its stake in Fastenal by 0.4% in the 3rd quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock valued at $3,125,000 after buying an additional 256 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $43.36 on Monday. The business has a 50 day moving average price of $41.86 and a 200 day moving average price of $44.43. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The company has a market capitalization of $49.78 billion, a P/E ratio of 39.42, a PEG ratio of 2.76 and a beta of 0.89. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $0.46 earnings per share. Sell-side analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. Fastenal’s payout ratio is currently 87.27%.

Wall Street Analyst Weigh In

Several research firms have recently commented on FAST. Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Wolfe Research cut their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a report on Wednesday, January 21st. Robert W. Baird lowered their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $48.00.

Insider Activity

In other Fastenal news, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $49.58 per share, with a total value of $49,580.00. Following the purchase, the director directly owned 10,000 shares in the company, valued at approximately $495,800. This trade represents a 11.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the transaction, the director owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.37% of the company’s stock.

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.