Elevation Point Wealth Partners LLC Takes $1.70 Million Position in Fastenal Company $FAST

Elevation Point Wealth Partners LLC acquired a new position in shares of Fastenal Company (NASDAQ:FAST) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 36,604 shares of the company’s stock, valued at approximately $1,698,000.

Several other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Fastenal in the 4th quarter valued at about $646,046,000. Wellington Management Group LLP boosted its holdings in 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 acquiring an additional 8,574,208 shares in the last quarter. Bank of America Corp DE grew its stake in 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 acquiring an additional 7,943,217 shares during the period. Invesco Ltd. grew its stake in 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 acquiring an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings 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 currently owned by institutional investors and hedge funds.

Fastenal Price Performance

Fastenal stock opened at $48.60 on Monday. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The firm’s 50-day simple moving average is $45.34 and its 200 day simple moving average is $44.88. The stock has a market cap of $55.79 billion, a PE ratio of 42.63, a price-to-earnings-growth ratio of 3.10 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter last year, the firm earned $0.52 EPS. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. Research analysts predict 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 given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is presently 84.21%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FAST shares. Robert W. Baird lowered their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. DA Davidson assumed coverage on shares of Fastenal in a research note on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price target for the company. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Barclays set a $46.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a report on Wednesday, June 3rd. Finally, Wolfe Research lowered their target price on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a report on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and a consensus target price of $47.08.

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.