OP Asset Management Ltd Purchases New Shares in Fastenal Company $FAST

OP Asset Management Ltd acquired a new stake in shares of Fastenal Company (NASDAQ:FAST) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 119,374 shares of the company’s stock, valued at approximately $5,539,000.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its position in shares of Fastenal by 1.2% during the fourth quarter. State Street Corp now owns 54,734,674 shares of the company’s stock valued at $2,196,502,000 after buying an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after acquiring an additional 919,158 shares in the last quarter. Geode Capital Management LLC boosted its position in Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after acquiring an additional 685,047 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares during the period. Finally, Norges Bank purchased a new position in shares of Fastenal during the 4th quarter worth approximately $646,046,000. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FAST shares. Benchmark restated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Raymond James Financial set a $48.00 price objective on Fastenal in a report on Thursday, March 5th. Barclays set a $46.00 price objective on Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, June 3rd. Robert W. Baird reduced their target price on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Finally, DA Davidson initiated coverage on shares of Fastenal in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price target for the company. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $49.57.

Fastenal Stock Up 0.4%

FAST stock opened at $47.10 on Friday. The business has a 50 day moving average of $45.06 and a 200 day moving average of $44.62. The firm has a market cap of $54.07 billion, a PE ratio of 41.32, a price-to-earnings-growth ratio of 2.99 and a beta of 0.73. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. On average, research analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio is 84.21%.

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.