CIBC Asset Management Inc Increases Holdings in Fastenal Company $FAST

CIBC Asset Management Inc raised its stake in Fastenal Company (NASDAQ:FAST) by 31.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 505,817 shares of the company’s stock after purchasing an additional 122,149 shares during the quarter. CIBC Asset Management Inc’s holdings in Fastenal were worth $20,298,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FAST. REAP Financial Group LLC purchased a new position in Fastenal in the 3rd quarter worth approximately $30,000. Elyxium Wealth LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $25,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Fastenal in the third quarter valued at $36,000. Field & Main Bank acquired a new stake in Fastenal during the 4th quarter valued at $30,000. Finally, Tucker Asset Management LLC acquired a new stake in Fastenal during the 4th quarter valued at $33,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

FAST opened at $47.19 on Friday. The company has a market capitalization of $54.17 billion, a P/E ratio of 41.39, a PEG ratio of 2.96 and a beta of 0.73. The company has a 50-day moving average of $45.05 and a 200-day moving average of $43.98. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63.

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

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Bank of America boosted their price objective on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Morgan Stanley reaffirmed a “positive” rating and set a $45.00 target price on shares of Fastenal in a research report on Thursday, March 5th. Raymond James Financial set a $48.00 price target on Fastenal in a research note on Thursday, March 5th. Robert W. Baird lowered their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, April 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Five 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. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus target price of $49.85.

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.