London Co. of Virginia Trims Position in Fastenal Company $FAST

London Co. of Virginia decreased its holdings in Fastenal Company (NASDAQ:FAST) by 6.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,694,013 shares of the company’s stock after selling 345,652 shares during the quarter. London Co. of Virginia owned about 0.41% of Fastenal worth $217,803,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in FAST. Wiregrass Investment Management LLC bought a new position in Fastenal in the fourth quarter worth about $1,020,000. Assenagon Asset Management S.A. boosted its position in Fastenal by 20.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock valued at $13,173,000 after acquiring an additional 55,191 shares in the last quarter. Swiss Life Asset Management Ltd grew its holdings in shares of Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after acquiring an additional 39,406 shares during the period. LBP AM SA grew its holdings in shares of Fastenal by 11.8% during the 4th quarter. LBP AM SA now owns 232,847 shares of the company’s stock worth $9,344,000 after acquiring an additional 24,536 shares during the period. Finally, Fideuram Asset Management Ireland dac bought a new position in shares of Fastenal in the 4th quarter worth approximately $4,041,000. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research analyst reports. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. DA Davidson reaffirmed a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley increased their price objective 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 reissued an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Finally, Robert W. Baird dropped their target price on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Five 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 has a consensus rating of “Hold” and an average target price of $48.83.

Fastenal Stock Performance

Shares of Fastenal stock opened at $47.02 on Friday. The stock has a market cap of $53.96 billion, a price-to-earnings ratio of 39.85, a PEG ratio of 2.94 and a beta of 0.72. The firm’s 50-day moving average is $45.92 and its 200 day moving average is $45.35. Fastenal Company has a 1 year low of $38.97 and a 1 year 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.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. Fastenal’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 EPS. Sell-side analysts anticipate that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is currently 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.