Fastenal Company $FAST Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its stake in shares of Fastenal Company (NASDAQ:FAST) by 10.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 169,622 shares of the company’s stock after selling 20,114 shares during the quarter. Bank of Nova Scotia’s holdings in Fastenal were worth $7,870,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wiregrass Investment Management LLC acquired a new position in Fastenal during the fourth quarter valued at $1,020,000. Swiss Life Asset Management Ltd lifted its stake in Fastenal by 2.7% in the fourth quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after acquiring an additional 39,406 shares during the last quarter. LBP AM SA increased its position in Fastenal by 11.8% during the fourth quarter. LBP AM SA now owns 232,847 shares of the company’s stock worth $9,344,000 after buying an additional 24,536 shares during the last quarter. Fideuram Asset Management Ireland dac acquired a new position in shares of Fastenal during the 4th quarter valued at about $4,041,000. Finally, National Pension Service raised its position in shares of Fastenal by 2.9% in the fourth quarter. National Pension Service now owns 1,603,839 shares of the company’s stock valued at $64,362,000 after purchasing an additional 45,260 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

FAST opened at $47.02 on Monday. The firm’s fifty day moving average is $45.92 and its two-hundred day moving average is $45.38. The firm has a market cap of $53.96 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

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

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. Fastenal’s payout ratio is presently 81.36%.

Wall Street Analyst Weigh In

FAST has been the topic of a number of recent analyst reports. Bank of America lifted their price objective on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Barclays decreased their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Robert W. Baird dropped their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal has an average rating of “Hold” and a consensus target price of $48.83.

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.