PNC Financial Services Group Inc. Buys 15,387 Shares of Fastenal Company $FAST

PNC Financial Services Group Inc. grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 837,695 shares of the company’s stock after acquiring an additional 15,387 shares during the period. PNC Financial Services Group Inc. owned 0.07% of Fastenal worth $38,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Elyxium Wealth LLC bought a new stake in Fastenal in the 4th quarter valued at $25,000. Palladiem LLC bought a new stake in shares of Fastenal in the fourth quarter valued at about $25,000. Evergreen Advisors LLC acquired a new position in shares of Fastenal in the first quarter valued at about $26,000. MV Capital Management Inc. bought a new position in Fastenal during the fourth quarter worth about $29,000. Finally, Field & Main Bank bought a new position in Fastenal during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Up 1.8%

NASDAQ FAST opened at $46.15 on Friday. The business has a fifty day moving average price of $45.85 and a two-hundred day moving average price of $45.34. The stock has a market capitalization of $52.96 billion, a PE ratio of 39.11, a PEG ratio of 2.84 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the company posted $0.29 EPS. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. Equities analysts expect that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

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

Analyst Upgrades and Downgrades

FAST has been the subject of a number of recent research reports. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Bank of America raised their price objective on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. raised their price target on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.83.

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.