Concentric Capital Strategies LP Cuts Stock Holdings in Fastenal Company $FAST

Concentric Capital Strategies LP trimmed its holdings in shares of Fastenal Company (NASDAQ:FAST) by 19.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,979 shares of the company’s stock after selling 31,548 shares during the period. Concentric Capital Strategies LP’s holdings in Fastenal were worth $5,377,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FAST. Brighton Jones LLC purchased a new stake in Fastenal during the fourth quarter valued at about $496,000. Integrated Wealth Concepts LLC raised its stake in shares of Fastenal by 2.4% during 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 during the last quarter. Quantbot Technologies LP bought a new position in shares of Fastenal during the second quarter valued at about $158,000. Jump Financial LLC bought a new position in shares of Fastenal during the second quarter valued at about $2,199,000. Finally, Cary Street Partners Financial LLC raised 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 acquiring an additional 1,771 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

FAST stock opened at $44.88 on Thursday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The company has a market cap of $51.52 billion, a P/E ratio of 39.37, a PEG ratio of 2.93 and a beta of 0.73. The firm has a 50-day moving average of $45.12 and a 200 day moving average of $44.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the firm earned $0.52 earnings per share. Fastenal’s revenue was up 12.4% on a year-over-year basis. On average, sell-side analysts forecast that Fastenal Company will post 1.24 EPS for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio is presently 84.21%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Bank of America upped their price objective on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Wolfe Research lowered their price objective on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Tuesday, April 14th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $42.00 price objective on shares of Fastenal in a research note on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Finally, Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fastenal has an average rating of “Hold” and an average price target of $49.57.

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.