Provident Trust Co. Boosts Holdings in Fastenal Company $FAST

Provident Trust Co. lifted its position in Fastenal Company (NASDAQ:FAST) by 0.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,392,355 shares of the company’s stock after acquiring an additional 13,064 shares during the quarter. Fastenal comprises about 4.4% of Provident Trust Co.’s portfolio, making the stock its 11th biggest holding. Provident Trust Co.’s holdings in Fastenal were worth $264,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Fastenal by 103.5% in the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after purchasing an additional 75,852,223 shares during the period. State Street Corp increased its position in shares of Fastenal by 99.6% during the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after purchasing an additional 27,107,520 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Fastenal by 103.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock valued at $1,931,830,000 after buying an additional 23,380,022 shares during the last quarter. Geode Capital Management LLC lifted its stake in Fastenal by 103.8% in the 2nd quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after purchasing an additional 18,329,847 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Fastenal by 87.9% during the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock worth $1,463,743,000 after buying an additional 16,308,254 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $43.89 on Friday. The company has a 50-day simple moving average of $41.47 and a 200-day simple moving average of $44.45. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $50.39 billion, a PE ratio of 39.90, a P/E/G ratio of 2.81 and a beta of 0.90.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.46 EPS. Equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be issued a dividend of $0.24 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, January 29th. This represents a $0.96 annualized dividend and a yield of 2.2%. Fastenal’s payout ratio is 80.00%.

Insider Transactions at Fastenal

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, November 13th. The shares were purchased at an average price of $49.58 per share, with a total value of $49,580.00. Following the purchase, the director owned 10,000 shares in the company, valued at $495,800. This represents a 11.11% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sarah N. Nielsen acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was purchased at an average cost of $39.60 per share, with a total value of $39,600.00. Following the transaction, the director owned 5,000 shares of the company’s stock, valued at approximately $198,000. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Robert W. Baird decreased their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Wolfe Research lowered their price objective on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research note on Wednesday. Barclays set a $43.00 price target on Fastenal and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $48.00.

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.