Franklin Resources Inc. Sells 900,094 Shares of Fastenal Company $FAST

Franklin Resources Inc. trimmed its position in shares of Fastenal Company (NASDAQ:FAST) by 12.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,487,378 shares of the company’s stock after selling 900,094 shares during the quarter. Franklin Resources Inc. owned 0.57% of Fastenal worth $260,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elyxium Wealth LLC bought a new position in shares of Fastenal during the 4th quarter valued at $25,000. Palladiem LLC bought a new position in shares of Fastenal during the 4th quarter valued at $25,000. REAP Financial Group LLC bought a new position in shares of Fastenal during the 3rd quarter valued at $30,000. Field & Main Bank bought a new position in shares of Fastenal during the 4th quarter valued at $30,000. Finally, Tucker Asset Management LLC bought a new position in Fastenal in the 4th quarter worth $33,000. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

NASDAQ:FAST opened at $46.58 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The business’s 50-day simple moving average is $45.13 and its two-hundred day simple moving average is $44.12. The stock has a market cap of $53.48 billion, a PE ratio of 40.86, a P/E/G ratio of 2.92 and a beta of 0.73. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period last year, the firm earned $0.52 earnings per share. As a group, analysts forecast that Fastenal Company will post 1.24 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FAST shares. Morgan Stanley reaffirmed a “positive” rating and issued a $45.00 target price on shares of Fastenal in a report on Thursday, March 5th. Robert W. Baird decreased their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Wolfe Research decreased their target price on Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a report on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Finally, Bank of America raised their target price on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.85.

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.