SVB Wealth LLC Increases Stock Position in Fastenal (NASDAQ:FAST)

SVB Wealth LLC lifted its holdings in shares of Fastenal (NASDAQ:FAST) by 29.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,740 shares of the company’s stock after buying an additional 1,997 shares during the period. SVB Wealth LLC’s holdings in Fastenal were worth $566,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FAST. Hartford Financial Management Inc. raised its position in Fastenal by 46.9% in the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Fastenal during the 4th quarter worth $35,000. Sunbelt Securities Inc. grew its stake in shares of Fastenal by 131.7% during the 2nd quarter. Sunbelt Securities Inc. now owns 600 shares of the company’s stock worth $35,000 after purchasing an additional 341 shares during the period. Quarry LP increased its holdings in shares of Fastenal by 184.9% in the 1st quarter. Quarry LP now owns 678 shares of the company’s stock valued at $37,000 after purchasing an additional 440 shares in the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at about $33,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Trading Up 0.1 %

Shares of Fastenal stock opened at $67.57 on Friday. Fastenal has a 1 year low of $52.28 and a 1 year high of $79.04. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.83 and a quick ratio of 2.49. The business has a 50 day moving average price of $73.62 and a 200 day moving average price of $66.38. The company has a market capitalization of $38.69 billion, a P/E ratio of 33.45, a P/E/G ratio of 3.53 and a beta of 1.05.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.91 billion. Fastenal had a return on equity of 33.98% and a net margin of 15.68%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. Sell-side analysts anticipate that Fastenal will post 2.13 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Wednesday, April 24th. Fastenal’s dividend payout ratio is presently 77.23%.

Analysts Set New Price Targets

FAST has been the topic of several recent analyst reports. Stifel Nicolaus upped their target price on shares of Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. HSBC upped their price target on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, April 15th. Loop Capital reduced their price objective on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a report on Monday, April 15th. Finally, Robert W. Baird lowered their target price on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $67.67.

Insider Transactions at Fastenal

In other Fastenal news, VP Charles S. Miller sold 23,590 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $69.25, for a total value of $1,633,607.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Anthony Paul Broersma sold 5,586 shares of Fastenal stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $69.34, for a total transaction of $387,333.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Charles S. Miller sold 23,590 shares of Fastenal stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $69.25, for a total transaction of $1,633,607.50. The disclosure for this sale can be found here. Insiders have sold 71,640 shares of company stock worth $5,044,657 over the last quarter. 0.41% of the stock is currently owned by insiders.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.