Dickmeyer Boyce Financial Management Inc. Makes New Investment in Fastenal Company $FAST

Dickmeyer Boyce Financial Management Inc. purchased a new position in shares of Fastenal Company (NASDAQ:FAST) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,554 shares of the company’s stock, valued at approximately $861,000.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new position in Fastenal in the fourth quarter valued at about $646,046,000. Wellington Management Group LLP grew its holdings in shares of Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after purchasing an additional 8,574,208 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Fastenal by 106.1% during the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares during the last quarter. Invesco Ltd. increased its stake in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after buying an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Fastenal by 1,039.6% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock valued at $94,253,000 after buying an additional 2,132,593 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Up 1.8%

Shares of NASDAQ FAST opened at $46.15 on Friday. The company’s 50 day moving average price is $45.85 and its 200-day moving average price is $45.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a market capitalization of $52.96 billion, a P/E ratio of 39.11, a price-to-earnings-growth ratio of 2.84 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion during 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 quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share. Equities analysts forecast that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.3%. Fastenal’s dividend payout ratio is 81.36%.

Analysts Set New Price Targets

Several equities research analysts recently commented on FAST shares. JPMorgan Chase & Co. lifted their target price on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Bank of America raised their price target on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Morgan Stanley lifted their price target on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Barclays decreased their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $48.83.

Fastenal Company 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.