Bank of America Corp DE Grows Position in Fastenal Company $FAST

Bank of America Corp DE grew its stake in Fastenal Company (NASDAQ:FAST) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,604,974 shares of the company’s stock after buying an additional 173,581 shares during the quarter. Bank of America Corp DE owned approximately 1.36% of Fastenal worth $765,268,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FAST. Vanguard Group Inc. grew its stake in shares of Fastenal by 103.5% during the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after acquiring an additional 75,852,223 shares during the period. State Street Corp increased its holdings in Fastenal by 99.6% in the 2nd quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after acquiring an additional 27,107,520 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Fastenal by 103.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after acquiring an additional 23,380,022 shares during the period. Norges Bank bought a new stake in Fastenal during the 2nd quarter worth approximately $638,648,000. Finally, Invesco Ltd. lifted its holdings in Fastenal by 141.9% during the second quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock valued at $670,898,000 after purchasing an additional 9,370,909 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.5%

Shares of FAST opened at $45.68 on Tuesday. The firm has a market cap of $52.46 billion, a P/E ratio of 41.53, a price-to-earnings-growth ratio of 2.90 and a beta of 0.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The company has a 50 day simple moving average of $45.00 and a two-hundred day simple moving average of $44.07.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 earnings per share. On average, equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date was Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is presently 87.27%.

Insider Activity

In related news, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares in the company, valued at $1,893,600. This represents a 48.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FAST. UBS Group reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Morgan Stanley restated a “positive” rating and set a $45.00 target price on shares of Fastenal in a research note on Thursday, March 5th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Robert W. Baird increased their price target on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. Finally, Benchmark reissued a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target 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.