Provident Trust Co. Increases Stock Holdings in Fastenal Company $FAST

Provident Trust Co. lifted its position in Fastenal Company (NASDAQ:FAST) by 0.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,392,355 shares of the company’s stock after purchasing an additional 13,064 shares during the quarter. Fastenal comprises approximately 4.4% of Provident Trust Co.’s portfolio, making the stock its 11th largest holding. Provident Trust Co. owned approximately 0.47% of Fastenal worth $264,441,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Patton Fund Management Inc. bought a new stake in shares of Fastenal in the 2nd quarter worth approximately $229,000. Values First Advisors Inc. raised its position in shares of Fastenal by 183.0% in the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after acquiring an additional 6,064 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Fastenal by 103.5% during 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 in the last quarter. Nordea Investment Management AB lifted its position in Fastenal by 6.3% during the third quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock valued at $181,626,000 after buying an additional 219,154 shares during the period. Finally, Optas LLC grew its position in shares of Fastenal by 100.2% in the 2nd quarter. Optas LLC now owns 13,712 shares of the company’s stock worth $576,000 after buying an additional 6,863 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on FAST shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Wolfe Research reduced their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research report on Wednesday. UBS Group restated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday. Barclays set a $43.00 price objective on Fastenal and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $48.00.

Fastenal Stock Down 2.0%

FAST stock opened at $43.89 on Friday. The business’s 50-day moving average price is $41.47 and its 200-day moving average price is $44.45. The stock has a market cap of $50.39 billion, a P/E ratio of 39.90, a PEG ratio of 2.81 and a beta of 0.90. The company has a quick ratio of 2.19, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

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

Fastenal Increases Dividend

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

Insider Activity

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

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.