Fastenal Company $FAST Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its holdings in shares of Fastenal Company (NASDAQ:FAST) by 10.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,622 shares of the company’s stock after selling 20,114 shares during the quarter. Bank of Nova Scotia’s holdings in Fastenal were worth $7,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Dickmeyer Boyce Financial Management Inc. acquired a new stake in Fastenal during the 1st quarter valued at $861,000. Gibbs Wealth Management acquired a new stake in shares of Fastenal during the 1st quarter worth about $264,000. Wiregrass Investment Management LLC grew its holdings in shares of Fastenal by 7.5% during the first quarter. Wiregrass Investment Management LLC now owns 27,327 shares of the company’s stock worth $1,268,000 after buying an additional 1,905 shares in the last quarter. CI Investments Inc. grew its holdings in shares of Fastenal by 9.6% during the first quarter. CI Investments Inc. now owns 14,809 shares of the company’s stock worth $687,000 after buying an additional 1,300 shares in the last quarter. Finally, ABN Amro Investment Solutions raised its position in shares of Fastenal by 20.8% in the first quarter. ABN Amro Investment Solutions now owns 77,015 shares of the company’s stock valued at $3,573,000 after buying an additional 13,236 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $47.02 on Monday. The firm has a market capitalization of $53.96 billion, a P/E ratio of 39.85, a P/E/G ratio of 2.94 and a beta of 0.72. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The business’s 50-day simple moving average is $45.92 and its 200-day simple moving average is $45.38.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. Equities analysts predict that Fastenal Company will post 1.25 EPS for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is currently 81.36%.

Wall Street Analysts Forecast Growth

Several research firms have commented on FAST. Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. DA Davidson reiterated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Robert W. Baird reduced 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. JPMorgan Chase & Co. upped their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.83.

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.