Hsbc Holdings PLC Raises Stock Position in Fastenal Company $FAST

Hsbc Holdings PLC raised its position in Fastenal Company (NASDAQ:FAST) by 9.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,551,740 shares of the company’s stock after purchasing an additional 294,660 shares during the quarter. Hsbc Holdings PLC’s holdings in Fastenal were worth $164,464,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FAST. Norges Bank purchased a new stake in shares of Fastenal during the 4th quarter valued at approximately $646,046,000. Wellington Management Group LLP lifted its holdings in Fastenal by 243.5% in the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after acquiring an additional 8,574,208 shares during the last quarter. Bank of America Corp DE grew its position in Fastenal by 106.1% in the second quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after acquiring an additional 7,943,217 shares during the period. Invesco Ltd. grew its position in Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in 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 worth $94,253,000 after acquiring an additional 2,132,593 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 2.5%

NASDAQ:FAST opened at $45.49 on Friday. The company has a quick ratio of 2.34, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average is $45.71 and its two-hundred day moving average is $45.18. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The stock has a market capitalization of $52.22 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72.

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

Fastenal Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on FAST. Barclays reduced their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Wolfe Research restated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Finally, Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Five research 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. According to MarketBeat, Fastenal has an average rating of “Hold” and a consensus target price 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.