Allstate Corp Purchases 44,209 Shares of Fastenal Company $FAST

Allstate Corp raised its position in Fastenal Company (NASDAQ:FAST) by 105.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 86,319 shares of the company’s stock after buying an additional 44,209 shares during the period. Allstate Corp’s holdings in Fastenal were worth $3,464,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Bank of America Corp DE increased its stake 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 buying an additional 7,943,217 shares during the period. Vanguard Group Inc. increased its stake in shares of Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after buying an additional 2,346,045 shares during the period. Invesco Ltd. increased its stake in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after buying an additional 2,242,116 shares during the period. Bank Julius Baer & Co. Ltd Zurich grew its stake in Fastenal by 1,039.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock worth $94,253,000 after purchasing an additional 2,132,593 shares during the period. Finally, American Century Companies Inc. grew its stake in Fastenal by 90.7% during the third quarter. American Century Companies Inc. now owns 3,590,292 shares of the company’s stock worth $176,068,000 after purchasing an additional 1,707,396 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on FAST. Raymond James Financial set a $48.00 target price on Fastenal in a research note on Thursday, March 5th. Wolfe Research decreased their target price on Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $42.00 target price on shares of Fastenal in a research note on Tuesday, April 14th. Finally, JPMorgan Chase & Co. raised their target price on Fastenal from $46.00 to $47.00 and gave the stock 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $49.77.

Insider Buying and Selling

In related news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.28% of the company’s stock.

Fastenal Stock Up 0.8%

FAST stock opened at $44.82 on Thursday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. 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 stock’s 50 day moving average is $45.00 and its 200-day moving average is $43.80. The firm has a market capitalization of $51.46 billion, a PE ratio of 39.32, a P/E/G ratio of 2.84 and a beta of 0.75.

Fastenal (NASDAQ:FAST) last posted its earnings results 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 analyst estimates of $2.19 billion. During the same quarter last year, the company earned $0.52 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Sell-side analysts expect that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is 84.21%.

Fastenal Company 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.