ABN Amro Investment Solutions Raises Stock Position in Fastenal Company $FAST

ABN Amro Investment Solutions increased its position in shares of Fastenal Company (NASDAQ:FAST) by 20.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 77,015 shares of the company’s stock after purchasing an additional 13,236 shares during the quarter. ABN Amro Investment Solutions’ holdings in Fastenal were worth $3,573,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised its holdings in Fastenal by 1.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 837,695 shares of the company’s stock valued at $38,869,000 after buying an additional 15,387 shares during the period. DJE Kapital AG lifted its position in Fastenal by 3.9% in the first quarter. DJE Kapital AG now owns 355,299 shares of the company’s stock valued at $16,191,000 after buying an additional 13,499 shares during the last quarter. Glenview Trust Co boosted its stake in Fastenal by 4.8% during the first quarter. Glenview Trust Co now owns 74,916 shares of the company’s stock worth $3,476,000 after buying an additional 3,422 shares during the period. Long Road Investment Counsel LLC boosted its stake in Fastenal by 2.6% during the first quarter. Long Road Investment Counsel LLC now owns 247,990 shares of the company’s stock worth $11,507,000 after buying an additional 6,400 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in shares of Fastenal during the first quarter valued at about $112,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

Shares of Fastenal stock opened at $46.15 on Friday. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The firm’s 50 day moving average is $45.85 and its two-hundred day moving average is $45.34. The firm has a market capitalization of $52.96 billion, a P/E ratio of 39.11, a P/E/G ratio of 2.84 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the firm earned $0.29 EPS. The company’s revenue was up 14.7% compared to the same quarter last year. Research analysts forecast that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.3%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is 81.36%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. DA Davidson restated a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Wolfe Research reissued an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Bank of America increased their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Finally, JPMorgan Chase & Co. raised 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. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and an average price target of $48.83.

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.