Birchwood Financial Partners Inc. Makes New $594,000 Investment in Fastenal Company $FAST

Birchwood Financial Partners Inc. bought a new position in Fastenal Company (NASDAQ:FAST) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 14,801 shares of the company’s stock, valued at approximately $594,000.

A number of other large investors have also made changes to their positions in FAST. State Street Corp lifted its holdings in shares of Fastenal by 1.2% in the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock valued at $2,196,502,000 after purchasing an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Fastenal by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after buying an additional 919,158 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after buying an additional 685,047 shares in the last quarter. Invesco Ltd. raised its position in Fastenal by 14.0% during 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. Finally, Norges Bank acquired a new position in Fastenal during the fourth quarter valued at $646,046,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

FAST opened at $45.91 on Friday. The stock has a fifty day moving average price of $45.13 and a 200 day moving average price of $44.42. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The stock has a market cap of $52.70 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.86 and a beta of 0.73.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the business earned $0.52 EPS. Analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FAST shares. Raymond James Financial set a $48.00 price objective on Fastenal in a research report on Thursday, March 5th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Bank of America raised their price target on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus price target of $49.57.

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.