Los Angeles Capital Management LLC Raises Stake in Fastenal (NASDAQ:FAST)

Los Angeles Capital Management LLC boosted its holdings in shares of Fastenal (NASDAQ:FASTGet Rating) by 22.8% during the 1st quarter, HoldingsChannel reports. The firm owned 292,952 shares of the company’s stock after purchasing an additional 54,336 shares during the period. Los Angeles Capital Management LLC’s holdings in Fastenal were worth $17,401,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. State Street Corp grew its position in Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 28,347,862 shares of the company’s stock worth $1,815,964,000 after purchasing an additional 342,854 shares during the last quarter. Geode Capital Management LLC grew its position in Fastenal by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 11,961,920 shares of the company’s stock worth $765,002,000 after purchasing an additional 297,846 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Fastenal by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,546,328 shares of the company’s stock worth $547,478,000 after purchasing an additional 337,859 shares during the last quarter. Select Equity Group L.P. grew its position in Fastenal by 334.5% during the 4th quarter. Select Equity Group L.P. now owns 6,465,002 shares of the company’s stock worth $414,148,000 after purchasing an additional 4,977,181 shares during the last quarter. Finally, Invesco Ltd. grew its position in Fastenal by 23.9% during the 4th quarter. Invesco Ltd. now owns 6,138,365 shares of the company’s stock worth $393,224,000 after purchasing an additional 1,184,557 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FAST shares. Wells Fargo & Company lifted their target price on shares of Fastenal from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Thursday, April 14th. Argus lowered their target price on shares of Fastenal from $66.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, July 15th. UBS Group lowered their target price on shares of Fastenal from $62.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, July 14th. Robert W. Baird downgraded shares of Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 target price on the stock. in a report on Thursday, July 14th. Finally, Morgan Stanley lowered their target price on shares of Fastenal from $48.00 to $42.00 and set an “underweight” rating on the stock in a report on Thursday, July 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $53.86.

Fastenal Stock Up 1.3 %

Shares of NASDAQ FAST opened at $52.95 on Friday. The company has a quick ratio of 1.75, a current ratio of 3.71 and a debt-to-equity ratio of 0.10. Fastenal has a 52 week low of $45.68 and a 52 week high of $64.75. The firm has a 50-day moving average price of $50.54 and a 200 day moving average price of $53.46. The stock has a market capitalization of $30.43 billion, a price-to-earnings ratio of 29.58, a price-to-earnings-growth ratio of 3.10 and a beta of 1.22.

Fastenal (NASDAQ:FASTGet Rating) last announced its quarterly earnings data on Wednesday, July 13th. The company reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. Fastenal had a net margin of 15.70% and a return on equity of 33.47%. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was up 18.0% compared to the same quarter last year. Equities research analysts anticipate that Fastenal will post 1.88 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Wednesday, July 27th will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Tuesday, July 26th. Fastenal’s payout ratio is currently 69.27%.

Fastenal announced that its Board of Directors has initiated a share buyback program on Tuesday, July 12th that permits the company to buyback 8,000,000 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Fastenal news, CAO Sheryl Ann Lisowski bought 1,058 shares of the business’s stock in a transaction on Thursday, July 14th. The stock was bought at an average price of $46.63 per share, for a total transaction of $49,334.54. Following the completion of the transaction, the chief accounting officer now owns 5,096 shares in the company, valued at approximately $237,626.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fastenal news, EVP James C. Jansen bought 1,000 shares of the business’s stock in a transaction on Wednesday, June 15th. The stock was bought at an average price of $48.92 per share, for a total transaction of $48,920.00. Following the completion of the transaction, the executive vice president now owns 26,176 shares in the company, valued at approximately $1,280,529.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sheryl Ann Lisowski bought 1,058 shares of the business’s stock in a transaction on Thursday, July 14th. The shares were acquired at an average price of $46.63 per share, with a total value of $49,334.54. Following the transaction, the chief accounting officer now owns 5,096 shares of the company’s stock, valued at approximately $237,626.48. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 3,736 shares of company stock worth $182,599. Insiders own 0.40% of the company’s stock.

Fastenal Company Profile

(Get Rating)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Further Reading

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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