Hsbc Holdings PLC Decreases Position in Fastenal Company $FAST

Hsbc Holdings PLC decreased its holdings in Fastenal Company (NASDAQ:FAST) by 4.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,209,280 shares of the company’s stock after selling 135,749 shares during the quarter. Hsbc Holdings PLC’s holdings in Fastenal were worth $128,937,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FAST. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Fastenal during the 4th quarter worth $64,000. Bayban acquired a new stake in Fastenal in the 4th quarter valued at about $426,000. WMS Group LLC purchased a new position in shares of Fastenal in the 4th quarter valued at about $272,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Fastenal by 25.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,441 shares of the company’s stock valued at $98,000 after buying an additional 490 shares during the period. Finally, Reflection Asset Management acquired a new position in shares of Fastenal during the fourth quarter worth about $45,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $45.91 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The firm has a market capitalization of $52.70 billion, a PE ratio of 40.27, a price-to-earnings-growth ratio of 2.92 and a beta of 0.73. The stock’s 50-day simple moving average is $45.08 and its 200-day simple moving average is $44.46.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, equities research analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Tuesday, April 28th. Fastenal’s payout ratio is currently 84.21%.

Wall Street Analyst Weigh In

FAST has been the topic of a number of recent research reports. Benchmark restated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Raymond James Financial set a $48.00 price target on shares of Fastenal in a research note on Thursday, March 5th. Robert W. Baird lowered their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Barclays set a $46.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a research report on Wednesday, June 3rd. Finally, Wolfe Research decreased their price objective on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus target price of $49.57.

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.