Daiwa Securities Group Inc. Reduces Stock Holdings in Fastenal Company $FAST

Daiwa Securities Group Inc. reduced its holdings in Fastenal Company (NASDAQ:FAST) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 488,187 shares of the company’s stock after selling 25,333 shares during the period. Daiwa Securities Group Inc.’s holdings in Fastenal were worth $19,591,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FAST. Norges Bank purchased a new stake in shares of Fastenal in the 4th quarter valued at $646,046,000. Bank of America Corp DE boosted its holdings in shares of Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after acquiring an additional 7,943,217 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Fastenal by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after acquiring an additional 2,346,045 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after acquiring an additional 2,242,116 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Fastenal by 1,039.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after acquiring an additional 2,132,593 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Down 0.8%

Fastenal stock opened at $46.79 on Friday. The stock has a market capitalization of $53.72 billion, a PE ratio of 41.04, a price-to-earnings-growth ratio of 3.00 and a beta of 0.73. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. The business has a 50 day simple moving average of $45.08 and a 200-day simple moving average of $44.00. 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 (NASDAQ:FAST) last posted its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business 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%.The business’s revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.52 earnings per share. On average, analysts anticipate that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio is currently 84.21%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday. Sanford C. Bernstein reiterated an “underperform” rating and issued a $42.00 target price on shares of Fastenal in a research note on Tuesday, April 14th. Raymond James Financial set a $48.00 target price on shares of Fastenal in a research note on Thursday, March 5th. Barclays set a $46.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Wolfe Research decreased their target price on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target 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.