Morningstar Investment Management LLC Trims Stock Position in Fastenal Company $FAST

Morningstar Investment Management LLC trimmed its position in Fastenal Company (NASDAQ:FAST) by 26.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 131,460 shares of the company’s stock after selling 46,091 shares during the period. Morningstar Investment Management LLC’s holdings in Fastenal were worth $6,100,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Brighton Jones LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at approximately $496,000. Integrated Wealth Concepts LLC lifted its position in Fastenal by 2.4% in the first 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 last quarter. Quantbot Technologies LP purchased a new position in Fastenal during the second quarter worth about $158,000. Jump Financial LLC purchased a new position in Fastenal during the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC increased its position in shares of Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after acquiring an additional 1,771 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

FAST has been the topic of a number of research analyst reports. DA Davidson reissued a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley increased their price objective on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Robert W. Baird lowered their price target 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, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $48.83.

Fastenal Trading Up 1.9%

NASDAQ FAST opened at $47.02 on Friday. 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 firm has a market cap of $53.96 billion, a price-to-earnings ratio of 39.85, a PEG ratio of 2.89 and a beta of 0.72. The firm has a 50 day simple moving average of $45.92 and a 200-day simple moving average of $45.35. Fastenal Company has a one year low of $38.97 and a one year high of $50.63.

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

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is currently 81.36%.

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.