Aware Super Pty Ltd as trustee of Aware Super Takes Position in Fastenal Company $FAST

Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in shares of Fastenal Company (NASDAQ:FAST) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 610,137 shares of the company’s stock, valued at approximately $28,310,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FAST. Elyxium Wealth LLC bought a new position in Fastenal in the fourth quarter worth about $25,000. Palladiem LLC bought a new position in shares of Fastenal during the fourth quarter valued at approximately $25,000. Evergreen Advisors LLC acquired a new stake in shares of Fastenal during the 1st quarter worth approximately $26,000. MV Capital Management Inc. acquired a new stake in shares of Fastenal during the 4th quarter worth approximately $29,000. Finally, Field & Main Bank bought a new stake in shares of Fastenal in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Trending Headlines about Fastenal

Here are the key news stories impacting Fastenal this week:

• Positive Sentiment: Morgan Stanley raised its price target on Fastenal to $52 from $48, signaling improved confidence in the stock’s valuation after Q2 results. Morgan Stanley raises Fastenal price target
• Positive Sentiment: Fastenal’s Q2 revenue rose 14.7% year over year to $2.387 billion, showing solid operating momentum and helping offset concerns about earnings merely meeting expectations. Fastenal Q2 earnings coverage
• Neutral Sentiment: Analysts at several firms, including DA Davidson and Barclays, kept neutral/equal-weight views and price targets around $46-$48, suggesting the recent report did not materially change their outlook. DA Davidson reiterates neutral rating
• Neutral Sentiment: Morgan Stanley also described Q2 as “solid but incremental,” keeping a hold-style stance unchanged, which points to a balanced view rather than a strong bullish catalyst. Morgan Stanley hold rating
• Negative Sentiment: Barclays lowered its price target to $46 from $47, indicating some caution about further upside after the earnings release. Barclays cuts Fastenal target

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Barclays reduced their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday. Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research report on Thursday, July 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, July 8th. Bank of America boosted their price target on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Finally, 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 research report on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus target price of $48.83.

Fastenal Trading Up 2.9%

Shares of FAST stock opened at $46.67 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.34 and a current ratio of 4.18. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The stock has a fifty day moving average of $45.68 and a two-hundred day moving average of $45.17. The firm has a market capitalization of $53.58 billion, a PE ratio of 39.55, a price-to-earnings-growth ratio of 2.86 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 EPS. As a group, research analysts expect that Fastenal Company will post 1.24 EPS for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 84.21%.

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.