Skandinaviska Enskilda Banken AB publ Trims Stock Holdings in Fastenal Company $FAST

Skandinaviska Enskilda Banken AB publ cut its position in Fastenal Company (NASDAQ:FAST) by 5.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 226,151 shares of the company’s stock after selling 13,755 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Fastenal were worth $11,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Fastenal by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after buying an additional 2,346,045 shares in the last quarter. State Street Corp lifted its stake in Fastenal by 99.6% in the 2nd quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after purchasing an additional 27,107,520 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fastenal by 103.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after purchasing an additional 23,380,022 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Fastenal by 103.8% in the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after buying an additional 18,329,847 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Fastenal by 87.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after buying an additional 16,308,254 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the transaction, the director owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of recent research reports. Wolfe Research dropped their price objective on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research note on Wednesday, January 21st. Barclays set a $43.00 price target on Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. UBS Group restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $48.18.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $45.98 on Thursday. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The stock has a market cap of $52.79 billion, a price-to-earnings ratio of 41.80, a PEG ratio of 2.91 and a beta of 0.89. The company has a 50 day simple moving average of $43.40 and a two-hundred day simple moving average of $44.43.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the firm earned $0.46 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is 87.27%.

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.