Eaton Vance Management raised its stake in shares of Fastenal (NASDAQ:FAST) by 0.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,995,958 shares of the company’s stock after purchasing an additional 5,502 shares during the quarter. Eaton Vance Management’s holdings in Fastenal were worth $100,357,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. Norges Bank bought a new stake in Fastenal in the fourth quarter valued at about $254,009,000. Morgan Stanley increased its stake in Fastenal by 57.1% in the fourth quarter. Morgan Stanley now owns 6,068,110 shares of the company’s stock valued at $296,306,000 after acquiring an additional 2,204,659 shares during the period. Amundi Pioneer Asset Management Inc. increased its stake in Fastenal by 79.0% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,556,566 shares of the company’s stock valued at $124,821,000 after acquiring an additional 1,128,395 shares during the period. Amundi Asset Management US Inc. increased its stake in Fastenal by 33.0% in the first quarter. Amundi Asset Management US Inc. now owns 3,399,415 shares of the company’s stock valued at $170,923,000 after acquiring an additional 842,849 shares during the period. Finally, BlackRock Inc. increased its stake in Fastenal by 1.8% in the first quarter. BlackRock Inc. now owns 44,817,256 shares of the company’s stock valued at $2,253,413,000 after acquiring an additional 792,222 shares during the period. 76.72% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of Fastenal from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, July 14th. Morgan Stanley lowered shares of Fastenal from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $53.00 to $48.00 in a research report on Tuesday, June 15th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of Fastenal from a “hold” rating to a “sell” rating and set a $54.00 price target on the stock. in a research report on Monday, April 5th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Fastenal currently has a consensus rating of “Hold” and a consensus target price of $51.00.
Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, July 12th. The company reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.01. Fastenal had a net margin of 15.24% and a return on equity of 30.76%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The firm’s revenue was down .1% on a year-over-year basis. As a group, sell-side analysts predict that Fastenal will post 1.55 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 24th. Investors of record on Tuesday, July 27th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Monday, July 26th. Fastenal’s payout ratio is 75.17%.
Fastenal Company Profile
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.
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