Morningstar Investment Management LLC Lowers Stock Holdings in Fastenal Company $FAST

Morningstar Investment Management LLC reduced its holdings in Fastenal Company (NASDAQ:FAST) by 26.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 131,460 shares of the company’s stock after selling 46,091 shares during the period. Morningstar Investment Management LLC’s holdings in Fastenal were worth $6,100,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Integrated Wealth Concepts LLC raised its stake in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the period. Tandem Investment Advisors Inc. grew its stake in Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after acquiring an additional 224 shares during the period. Sittner & Nelson LLC grew its stake in Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after acquiring an additional 226 shares during the period. Founders Capital Management LLC increased its holdings in Fastenal by 2.2% in the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after acquiring an additional 228 shares in the last quarter. Finally, Sound Income Strategies LLC raised its position in Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after acquiring an additional 232 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

FAST stock opened at $47.02 on Friday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The firm has a market capitalization of $53.96 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 2.89 and a beta of 0.72. The business has a 50 day simple moving average of $45.92 and a 200-day simple moving average of $45.35.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm’s revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. Equities research analysts anticipate that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is 81.36%.

Wall Street Analyst Weigh In

FAST has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. DA Davidson reissued a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Barclays reduced their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Finally, Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $48.83.

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.