Principal Financial Group Inc. Reduces Stock Position in Fastenal Company $FAST

Principal Financial Group Inc. trimmed its stake in shares of Fastenal Company (NASDAQ:FAST) by 24.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,746,516 shares of the company’s stock after selling 2,822,940 shares during the period. Principal Financial Group Inc.’s holdings in Fastenal were worth $405,840,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC boosted its holdings in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares during the last quarter. Sittner & Nelson LLC lifted its holdings in shares of Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after buying an additional 226 shares during the period. Founders Capital Management LLC lifted its holdings in shares of Fastenal by 2.2% during the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after buying an additional 228 shares during the period. Sound Income Strategies LLC boosted its stake in shares of Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after buying an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC grew its holdings in shares of Fastenal by 4.8% in the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after acquiring an additional 248 shares during the period. Institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Sanford C. Bernstein reissued an “underperform” rating and issued a $42.00 target price on shares of Fastenal in a report on Tuesday, April 14th. Morgan Stanley set a $48.00 price target on Fastenal and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. JPMorgan Chase & Co. upped their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. DA Davidson began coverage on shares of Fastenal in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price objective on the stock. Finally, Bank of America boosted their target price on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $48.31.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $47.05 on Tuesday. The company has a market capitalization of $54.02 billion, a P/E ratio of 41.27, a P/E/G ratio of 2.94 and a beta of 0.72. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63. The firm’s 50 day simple moving average is $45.60 and its two-hundred day simple moving average is $45.09. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior 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. Research analysts expect that Fastenal Company will post 1.24 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

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.