BTC Capital Management Inc. Reduces Stock Holdings in Fastenal Company $FAST

BTC Capital Management Inc. trimmed its position in shares of Fastenal Company (NASDAQ:FAST) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 277,710 shares of the company’s stock after selling 14,158 shares during the period. BTC Capital Management Inc.’s holdings in Fastenal were worth $12,886,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of FAST. Brighton Jones LLC bought a new position in shares of Fastenal during the 4th quarter worth $496,000. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the period. Quantbot Technologies LP purchased a new stake in Fastenal during the second quarter valued at about $158,000. Jump Financial LLC purchased a new stake in Fastenal during the second quarter valued at about $2,199,000. Finally, Cary Street Partners Financial LLC lifted its holdings in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after purchasing an additional 1,771 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Up 1.4%

Shares of NASDAQ FAST opened at $46.26 on Thursday. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The company has a market cap of $53.11 billion, a P/E ratio of 40.58, a P/E/G ratio of 2.90 and a beta of 0.73. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The business has a 50-day simple moving average of $44.96 and a two-hundred day simple moving average of $44.56.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting the consensus estimate 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 analysts’ expectations of $2.19 billion. During the same period in the prior year, the business posted $0.52 earnings per share. The company’s revenue was up 12.4% on a year-over-year basis. Research analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FAST shares. DA Davidson initiated coverage on shares of Fastenal in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 target price for the company. Bank of America upped their price target on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, Raymond James Financial set a $48.00 target price on shares of Fastenal in a report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $49.57.

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.