ABN Amro Investment Solutions Increases Stake in Fastenal Company $FAST

ABN Amro Investment Solutions increased its position in shares of Fastenal Company (NASDAQ:FAST) by 20.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 77,015 shares of the company’s stock after purchasing an additional 13,236 shares during the period. ABN Amro Investment Solutions’ holdings in Fastenal were worth $3,573,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC raised its holdings in shares of Fastenal by 2.4% in the first 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 in the last quarter. Quantbot Technologies LP purchased a new stake in Fastenal in the second quarter worth about $158,000. Jump Financial LLC purchased a new stake in Fastenal in the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC boosted its stake in shares of Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after purchasing an additional 1,771 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FAST. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Bank of America lifted their target price on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Finally, Barclays dropped their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $48.83.

Fastenal Trading Up 1.8%

FAST stock opened at $46.15 on Friday. The company’s 50-day simple moving average is $45.85 and its 200-day simple moving average is $45.34. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The firm has a market cap of $52.96 billion, a P/E ratio of 39.11, a PEG ratio of 2.84 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 EPS. As a group, equities analysts forecast that Fastenal Company will post 1.25 EPS for the current fiscal 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 paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.3%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is 81.36%.

Fastenal 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.