Rockefeller Capital Management L.P. Has $7.54 Million Stock Position in Fastenal Company $FAST

Rockefeller Capital Management L.P. grew its holdings in shares of Fastenal Company (NASDAQ:FAST) by 18.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 187,824 shares of the company’s stock after purchasing an additional 29,189 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Fastenal were worth $7,537,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new position in shares of Fastenal in the 4th quarter valued at approximately $646,046,000. Wellington Management Group LLP grew its holdings in Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Bank of America Corp DE raised its position in shares of Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after purchasing an additional 7,943,217 shares during the period. Invesco Ltd. raised its holdings in Fastenal by 14.0% in 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 period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Fastenal by 1,039.6% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after purchasing an additional 2,132,593 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Sanford C. Bernstein restated an “underperform” rating and set a $42.00 target price on shares of Fastenal in a research note on Tuesday, April 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. DA Davidson started coverage on Fastenal in a report on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price target for the company. Morgan Stanley restated a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Finally, Bank of America boosted their target price on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.57.

Fastenal Trading Up 1.4%

Shares of FAST opened at $46.92 on Friday. The stock’s 50-day moving average price is $45.01 and its 200 day moving average price is $44.60. 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 firm has a market capitalization of $53.87 billion, a price-to-earnings ratio of 41.16, a P/E/G ratio of 2.95 and a beta of 0.73. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, April 13th. The company reported $0.30 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 company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company earned $0.52 EPS. The company’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, research analysts predict that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The company 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. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is 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.