Arrowstreet Capital Limited Partnership Has $53.58 Million Holdings in Fastenal Company $FAST

Arrowstreet Capital Limited Partnership lifted its position in Fastenal Company (NASDAQ:FAST) by 78.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,154,661 shares of the company’s stock after buying an additional 508,052 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.10% of Fastenal worth $53,576,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC grew its position in shares of Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the period. Tandem Investment Advisors Inc. lifted its stake in Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after purchasing an additional 224 shares during the last quarter. Sittner & Nelson LLC lifted its stake in Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares during the last quarter. Founders Capital Management LLC grew its holdings in Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after purchasing an additional 228 shares during the period. Finally, Sound Income Strategies LLC increased its position in Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after buying an additional 232 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Up 1.3%

FAST stock opened at $47.64 on Tuesday. 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 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The stock has a market capitalization of $54.67 billion, a price-to-earnings ratio of 40.37, a PEG ratio of 2.94 and a beta of 0.72. The business’s fifty day moving average price is $46.00 and its two-hundred day moving average price is $45.43.

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

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is currently 81.36%.

Wall Street Analysts Forecast Growth

FAST has been the topic of several research analyst reports. Weiss Ratings lowered Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Morgan Stanley boosted their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Wolfe Research restated an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Finally, Robert W. Baird reduced their price objective on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $48.83.

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.