Fulton Bank N.A. Purchases 18,935 Shares of Fastenal Company $FAST

Fulton Bank N.A. boosted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 38.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 68,549 shares of the company’s stock after buying an additional 18,935 shares during the period. Fulton Bank N.A.’s holdings in Fastenal were worth $3,181,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Palladiem LLC purchased a new stake in shares of Fastenal in the 4th quarter valued at about $25,000. Elyxium Wealth LLC purchased a new position in shares of Fastenal during the fourth quarter worth about $25,000. MV Capital Management Inc. bought a new position in shares of Fastenal in the fourth quarter worth approximately $29,000. Measured Wealth Private Client Group LLC bought a new position in shares of Fastenal in the third quarter worth approximately $36,000. Finally, Field & Main Bank purchased a new stake in Fastenal in the fourth quarter valued at approximately $30,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Down 0.6%

Shares of NASDAQ:FAST opened at $47.75 on Thursday. The stock’s 50-day moving average price is $45.20 and its 200-day moving average price is $44.79. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The stock has a market capitalization of $54.82 billion, a P/E ratio of 41.89, a price-to-earnings-growth ratio of 3.06 and a beta of 0.72. 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 (NASDAQ:FAST) last released its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. The company’s quarterly revenue was up 12.4% on a year-over-year basis. On average, equities analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s payout ratio is 84.21%.

Analyst Upgrades and Downgrades

A number of research firms have commented on FAST. Raymond James Financial set a $48.00 price target on shares of Fastenal in a research note on Thursday, March 5th. DA Davidson started coverage on Fastenal in a report on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Finally, Sanford C. Bernstein reiterated an “underperform” rating and set a $42.00 price target on shares of Fastenal in a research report on Tuesday, April 14th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $49.57.

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.