Norges Bank Invests $646.05 Million in Fastenal Company $FAST

Norges Bank bought a new position in Fastenal Company (NASDAQ:FAST) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 16,098,838 shares of the company’s stock, valued at approximately $646,046,000. Norges Bank owned approximately 1.40% of Fastenal as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Elyxium Wealth LLC purchased a new position in shares of Fastenal in the fourth quarter worth $25,000. REAP Financial Group LLC purchased a new position in shares of Fastenal in the third quarter worth $30,000. Field & Main Bank purchased a new position in shares of Fastenal in the fourth quarter worth $30,000. Tucker Asset Management LLC purchased a new position in shares of Fastenal in the fourth quarter worth $33,000. Finally, Tradewinds Capital Management LLC purchased a new position in shares of Fastenal in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the sale, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped 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. Robert W. Baird decreased their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $42.00 price target on shares of Fastenal in a research note on Tuesday, April 14th. Wolfe Research decreased their price target on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 14th. Finally, Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $49.77.

Fastenal Price Performance

Fastenal stock opened at $44.20 on Monday. The company has a market cap of $50.74 billion, a price-to-earnings ratio of 38.77, a PEG ratio of 2.82 and a beta of 0.73. The firm’s fifty day moving average is $44.96 and its 200 day moving average is $43.85. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Fastenal’s revenue was up 12.4% on a year-over-year basis. Sell-side analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal 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 paid a $0.24 dividend. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is currently 84.21%.

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.