BI Asset Management Fondsmaeglerselskab A S Trims Holdings in Fastenal Company $FAST

BI Asset Management Fondsmaeglerselskab A S decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 78.5% during the first quarter, Holdings Channel.com reports. The fund owned 23,234 shares of the company’s stock after selling 84,749 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Fastenal were worth $1,078,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Fastenal during the fourth quarter worth about $646,046,000. Wellington Management Group LLP raised its stake in Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after purchasing an additional 8,574,208 shares during the period. Bank of America Corp DE lifted its holdings in Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares in the last quarter. Invesco Ltd. lifted its holdings in Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after purchasing an additional 2,242,116 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in Fastenal by 1,039.6% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock worth $94,253,000 after purchasing an additional 2,132,593 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on FAST. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Barclays set a $46.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a report on Wednesday, June 3rd. Sanford C. Bernstein reissued an “underperform” rating and set a $42.00 price target on shares of Fastenal in a research note on Tuesday, April 14th. Wolfe Research cut their price target on Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. lifted their price objective on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Fastenal currently has a consensus rating of “Hold” and a consensus target price of $49.57.

Fastenal Stock Performance

NASDAQ FAST opened at $46.26 on Thursday. The company has a market cap of $53.11 billion, a P/E ratio of 40.58, a P/E/G ratio of 2.90 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The business’s 50 day moving average price is $44.96 and its 200-day moving average price is $44.56. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company 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%.Fastenal’s revenue was up 12.4% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. Sell-side analysts predict that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Dividend Announcement

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

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.