Cibc World Market Inc. Sells 13,427 Shares of Fastenal Company $FAST

Cibc World Market Inc. reduced its holdings in shares of Fastenal Company (NASDAQ:FAST) by 4.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 277,407 shares of the company’s stock after selling 13,427 shares during the period. Cibc World Market Inc.’s holdings in Fastenal were worth $11,132,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Fastenal by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after acquiring an additional 2,346,045 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock worth $1,508,216,000 after acquiring an additional 685,047 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares during the last quarter. Norges Bank bought a new stake in shares of Fastenal during the 4th quarter worth approximately $646,046,000. Finally, Bank of America Corp DE raised its position in Fastenal by 1.1% during the 3rd quarter. Bank of America Corp DE now owns 15,604,974 shares of the company’s stock valued at $765,268,000 after purchasing an additional 173,581 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. 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. Finally, Robert W. Baird dropped their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $49.85.

Fastenal Price Performance

Shares of FAST stock opened at $46.79 on Friday. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63. The stock’s 50-day moving average is $45.08 and its 200 day moving average is $44.00. The company has a market cap of $53.72 billion, a P/E ratio of 41.04, a PEG ratio of 2.98 and a beta of 0.73. 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 issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company earned $0.52 earnings per share. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. Research analysts predict that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a dividend of $0.24 per share. The ex-dividend date of this dividend 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 (DPR) is presently 84.21%.

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.