Swiss National Bank Sells 165,800 Shares of Fastenal Company $FAST

Swiss National Bank reduced its stake in Fastenal Company (NASDAQ:FAST) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,306,100 shares of the company’s stock after selling 165,800 shares during the period. Swiss National Bank owned 0.29% of Fastenal worth $162,131,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FAST. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Fastenal during the 2nd quarter worth about $27,000. MV Capital Management Inc. grew its stake in Fastenal by 96.1% in the 2nd quarter. MV Capital Management Inc. now owns 712 shares of the company’s stock valued at $30,000 after buying an additional 349 shares during the last quarter. SOA Wealth Advisors LLC. raised its holdings in Fastenal by 71.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares during the period. REAP Financial Group LLC acquired a new stake in Fastenal during the third quarter worth approximately $30,000. Finally, First Horizon Corp acquired a new stake in Fastenal during the third quarter worth approximately $33,000. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Up 0.7%

Shares of FAST opened at $46.80 on Tuesday. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The firm’s 50 day moving average is $44.47 and its 200-day moving average is $44.22. The stock has a market capitalization of $53.74 billion, a PE ratio of 42.55, a P/E/G ratio of 2.96 and a beta of 0.88. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.46 earnings per share. Equities research analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Increases Dividend

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

Insiders Place Their Bets

In other news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction 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 sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was 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 owned 40,000 shares in the company, valued at $1,893,600. The trade was a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FAST shares. Wolfe Research upped their target price on Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Friday, February 27th. UBS Group reissued a “neutral” rating and set a $46.00 price target on shares of Fastenal in a report on Wednesday, January 21st. Morgan Stanley restated a “positive” rating and issued a $45.00 price target on shares of Fastenal in a research note on Thursday. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Weiss Ratings reissued 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.83.

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.