Pacer Advisors Inc. Boosts Holdings in Fastenal Company $FAST

Pacer Advisors Inc. increased its position in Fastenal Company (NASDAQ:FAST) by 10.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,324 shares of the company’s stock after purchasing an additional 17,516 shares during the period. Pacer Advisors Inc.’s holdings in Fastenal were worth $7,678,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Fastenal in the fourth quarter worth about $646,046,000. Wellington Management Group LLP lifted its stake in shares of Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after buying an additional 8,574,208 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Fastenal by 106.1% during 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 last quarter. Invesco Ltd. grew its holdings in shares of 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 last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its position in shares of 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 valued at $94,253,000 after acquiring an additional 2,132,593 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FAST shares. Barclays set a $46.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a report on Wednesday, June 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. JPMorgan Chase & Co. lifted their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Morgan Stanley restated a “positive” rating and issued a $45.00 price target on shares of Fastenal in a research note on Thursday, March 5th. Finally, DA Davidson started coverage on Fastenal in a report on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.57.

Fastenal Stock Performance

FAST opened at $45.91 on Monday. The company’s 50 day moving average is $45.08 and its 200 day moving average is $44.46. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The company has a market cap of $52.70 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.92 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 earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The firm’s revenue was up 12.4% on a year-over-year basis. On average, equities research analysts predict that Fastenal Company will post 1.23 EPS for the current year.

Fastenal Announces Dividend

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

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.