London Co. of Virginia Reduces Stock Holdings in Fastenal Company $FAST

London Co. of Virginia lowered its position in Fastenal Company (NASDAQ:FAST) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,039,665 shares of the company’s stock after selling 138,039 shares during the quarter. London Co. of Virginia owned 0.44% of Fastenal worth $202,243,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in FAST. Elyxium Wealth LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $25,000. Palladiem LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $25,000. Field & Main Bank purchased a new position in shares of Fastenal in the fourth quarter valued at $30,000. Tucker Asset Management LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $33,000. Finally, Tradewinds Capital Management LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 0.1%

Fastenal stock opened at $46.05 on Wednesday. The stock has a market cap of $52.87 billion, a PE ratio of 40.40, a P/E/G ratio of 2.93 and a beta of 0.73. The stock has a 50-day moving average price of $45.14 and a 200 day moving average price of $44.35. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. Equities research analysts predict that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were issued a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is 84.21%.

Analysts Set New Price Targets

FAST has been the subject of a number of research analyst reports. Bank of America raised their price target on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Benchmark restated a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Wolfe Research dropped their price objective on Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. DA Davidson upgraded Fastenal to a “hold” rating and set a $46.00 price objective for the company in a research report on Tuesday. Finally, Robert W. Baird dropped their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Fastenal currently has a consensus rating of “Hold” and a consensus price target of $49.57.

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.