Bank of America Corp DE Decreases Position in Fastenal (NASDAQ:FAST)

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Bank of America Corp DE decreased its holdings in Fastenal (NASDAQ:FAST) by 16.7% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,355,871 shares of the company’s stock after selling 271,892 shares during the period. Bank of America Corp DE owned approximately 0.47% of Fastenal worth $65,259,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Fastenal by 1.4% in the 2nd quarter. BlackRock Inc. now owns 19,318,036 shares of the company’s stock valued at $929,778,000 after purchasing an additional 268,614 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Fastenal by 966.5% in the 1st quarter. JPMorgan Chase & Co. now owns 9,852,355 shares of the company’s stock valued at $537,841,000 after purchasing an additional 8,928,521 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in shares of Fastenal by 5.2% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,666,164 shares of the company’s stock valued at $272,713,000 after purchasing an additional 282,020 shares in the last quarter. Cantillon Capital Management LLC purchased a new stake in shares of Fastenal in the 2nd quarter valued at $154,074,000. Finally, Janus Henderson Group PLC boosted its stake in shares of Fastenal by 17.4% in the 2nd quarter. Janus Henderson Group PLC now owns 2,520,269 shares of the company’s stock valued at $121,301,000 after purchasing an additional 373,989 shares in the last quarter. 85.85% of the stock is owned by institutional investors.

FAST traded up $0.82 during trading on Friday, hitting $52.07. 4,954,092 shares of the stock traded hands, compared to its average volume of 2,866,849. The stock has a market capitalization of $16.65 billion, a P/E ratio of 26.98, a PEG ratio of 1.62 and a beta of 0.92. The company has a quick ratio of 2.57, a current ratio of 5.62 and a debt-to-equity ratio of 0.19. Fastenal has a 12-month low of $45.96 and a 12-month high of $61.14.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, October 10th. The company reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.02. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Fastenal had a net margin of 14.57% and a return on equity of 30.82%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 EPS. Sell-side analysts expect that Fastenal will post 2.56 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, October 24th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, October 23rd. This represents a $1.60 annualized dividend and a yield of 3.07%. Fastenal’s payout ratio is currently 82.90%.

A number of brokerages have recently issued reports on FAST. BidaskClub cut shares of Fastenal from a “hold” rating to a “sell” rating in a research note on Friday. Wells Fargo & Co set a $50.00 price objective on shares of Fastenal and gave the company a “hold” rating in a research note on Thursday. Zacks Investment Research cut shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th. Northcoast Research reissued a “buy” rating and set a $62.00 price target on shares of Fastenal in a research report on Friday, July 27th. Finally, ValuEngine raised shares of Fastenal from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $57.11.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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