Harvest Fund Management Co. Ltd Increases Position in Fastenal Company $FAST

Harvest Fund Management Co. Ltd lifted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 27.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 83,997 shares of the company’s stock after buying an additional 18,124 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Fastenal were worth $4,118,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FAST. Prudential PLC raised its stake in Fastenal by 154.3% during the 3rd quarter. Prudential PLC now owns 206,054 shares of the company’s stock valued at $10,105,000 after acquiring an additional 125,034 shares during the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Fastenal by 90.8% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 30,715 shares of the company’s stock valued at $1,506,000 after purchasing an additional 14,620 shares during the last quarter. Pinnbrook Capital Management LP purchased a new position in shares of Fastenal in the 3rd quarter valued at approximately $3,272,000. Perbak Capital Partners LLP increased its holdings in shares of Fastenal by 17.1% in the third quarter. Perbak Capital Partners LLP now owns 6,497 shares of the company’s stock valued at $319,000 after purchasing an additional 947 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Fastenal by 5.8% in the third quarter. Brown Brothers Harriman & Co. now owns 36,830 shares of the company’s stock valued at $1,806,000 after purchasing an additional 2,010 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the sale, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FAST has been the subject of several recent research reports. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. UBS Group reissued a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, January 21st. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, December 15th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. 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 company. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average target price of $48.83.

Fastenal Stock Up 0.5%

Fastenal stock opened at $45.46 on Friday. The stock’s 50 day moving average price is $44.91 and its 200 day moving average price is $44.18. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a market cap of $52.20 billion, a PE ratio of 41.33, a price-to-earnings-growth ratio of 2.88 and a beta of 0.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) 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 firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. During the same quarter in the prior year, the business posted $0.46 earnings per share. Fastenal’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

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

About Fastenal

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.