Hsbc Holdings PLC Buys 1,243,583 Shares of Fastenal Company $FAST

Hsbc Holdings PLC grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 35.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,795,323 shares of the company’s stock after acquiring an additional 1,243,583 shares during the quarter. Hsbc Holdings PLC owned about 0.42% of Fastenal worth $230,169,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FAST. Brighton Jones LLC bought a new stake in Fastenal in the 4th quarter worth approximately $496,000. Integrated Wealth Concepts LLC lifted its holdings in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares during the period. Quantbot Technologies LP purchased a new position in shares of Fastenal in the 2nd quarter worth $158,000. Jump Financial LLC purchased a new position in shares of Fastenal in the 2nd quarter worth $2,199,000. Finally, Cary Street Partners Financial LLC grew its holdings in shares of Fastenal by 111.0% in the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after acquiring an additional 1,771 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

NASDAQ FAST opened at $49.60 on Monday. The business’s fifty day moving average is $48.71 and its 200 day moving average is $46.59. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The company has a market capitalization of $56.92 billion, a PE ratio of 42.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the business posted $0.29 earnings per share. The business’s quarterly revenue was up 14.7% on a year-over-year basis. Sell-side analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.1%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is currently 88.14%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Barclays reduced their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 26th. Finally, William Blair restated an “outperform” rating on shares of Fastenal in a research report on Friday. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $49.17.

Insider Activity at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Ancius sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

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.