Clifford Swan Investment Counsel LLC Cuts Position in Fastenal Company $FAST

Clifford Swan Investment Counsel LLC lessened its stake in Fastenal Company (NASDAQ:FAST) by 6.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 791,820 shares of the company’s stock after selling 53,246 shares during the quarter. Fastenal accounts for 1.1% of Clifford Swan Investment Counsel LLC’s investment portfolio, making the stock its 27th largest position. Clifford Swan Investment Counsel LLC owned approximately 0.07% of Fastenal worth $31,776,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the business. Vise Technologies Inc. grew its stake in Fastenal by 50.6% in the 4th quarter. Vise Technologies Inc. now owns 32,785 shares of the company’s stock valued at $1,316,000 after acquiring an additional 11,020 shares during the last quarter. Regency Capital Management Inc. DE acquired a new stake in Fastenal in the 4th quarter valued at about $3,553,000. Sittner & Nelson LLC grew its stake in Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after acquiring an additional 226 shares during the last quarter. State of Wyoming grew its stake in Fastenal by 73.8% in the 4th quarter. State of Wyoming now owns 8,059 shares of the company’s stock valued at $323,000 after acquiring an additional 3,423 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. grew its stake in Fastenal by 3.2% in the 4th quarter. Pinnacle West Asset Management Inc. now owns 8,025 shares of the company’s stock valued at $322,000 after acquiring an additional 250 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $47.19 on Friday. The company has a 50-day simple moving average of $45.05 and a 200-day simple moving average of $43.98. 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 company has a market cap of $54.17 billion, a PE ratio of 41.39, a price-to-earnings-growth ratio of 2.96 and a beta of 0.73.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the company earned $0.52 EPS. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date of this dividend 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 currently 84.21%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FAST. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Bank of America increased their price objective on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Robert W. Baird lowered their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Finally, Morgan Stanley reiterated a “positive” rating and set a $45.00 price target on shares of Fastenal in a report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.85.

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.