Cullen Frost Bankers Inc. Has $10.31 Million Position in Fastenal (NASDAQ:FAST)

Cullen Frost Bankers Inc. raised its position in Fastenal (NASDAQ:FAST) by 10.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 143,424 shares of the company’s stock after purchasing an additional 13,282 shares during the period. Cullen Frost Bankers Inc.’s holdings in Fastenal were worth $10,314,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in Fastenal in the third quarter valued at $25,000. Knuff & Co LLC bought a new position in shares of Fastenal in the 3rd quarter worth about $27,000. First Personal Financial Services acquired a new position in shares of Fastenal in the 3rd quarter valued at about $36,000. Whipplewood Advisors LLC bought a new stake in shares of Fastenal during the 4th quarter valued at about $49,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Fastenal during the fourth quarter worth approximately $49,000. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

FAST stock opened at $77.85 on Friday. The company has a market capitalization of $44.64 billion, a P/E ratio of 38.73, a price-to-earnings-growth ratio of 3.58 and a beta of 1.02. Fastenal has a 52-week low of $61.36 and a 52-week high of $84.88. The business has a 50-day simple moving average of $74.13 and a two-hundred day simple moving average of $74.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 EPS. Research analysts expect that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were paid a $0.43 dividend. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date was Friday, January 31st. This represents a $1.72 annualized dividend and a dividend yield of 2.21%. Fastenal’s dividend payout ratio is presently 85.57%.

Analyst Upgrades and Downgrades

FAST has been the topic of several recent analyst reports. UBS Group began coverage on Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target on the stock. Jefferies Financial Group boosted their target price on shares of Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Stifel Nicolaus reduced their price target on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Wolfe Research upped their price objective on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Finally, Hsbc Global Res downgraded Fastenal from a “hold” rating to a “moderate sell” rating in a research note on Wednesday, December 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $76.91.

About Fastenal

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