Fastenal Company $FAST Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. cut its position in Fastenal Company (NASDAQ:FAST) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 277,407 shares of the company’s stock after selling 13,427 shares during the period. Cibc World Market Inc.’s holdings in Fastenal were worth $11,132,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after purchasing an additional 2,346,045 shares during the period. Geode Capital Management LLC increased its holdings in shares of Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares during the period. Invesco Ltd. increased its holdings in shares of Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. Norges Bank acquired a new position in shares of Fastenal in the fourth quarter valued at about $646,046,000. Finally, Bank of America Corp DE increased its holdings in shares of Fastenal by 1.1% in the third quarter. Bank of America Corp DE now owns 15,604,974 shares of the company’s stock valued at $765,268,000 after purchasing an additional 173,581 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Down 0.8%

Shares of FAST opened at $46.79 on Friday. 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 Company has a 12 month low of $38.97 and a 12 month high of $50.63. The stock’s 50 day moving average is $45.08 and its two-hundred day moving average is $44.00. The firm has a market cap of $53.72 billion, a P/E ratio of 41.04, a PEG ratio of 2.98 and a beta of 0.73.

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

Fastenal Dividend Announcement

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

Analysts Set New Price Targets

Several research firms recently commented on FAST. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Barclays set a $46.00 target price on Fastenal and gave the stock an “equal weight” rating in a report on Wednesday. Robert W. Baird dropped their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. JPMorgan Chase & Co. raised their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Finally, Bank of America raised their target price on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus price target of $49.85.

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.