Concentric Capital Strategies LP Cuts Stake in Fastenal Company $FAST

Concentric Capital Strategies LP decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 19.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 133,979 shares of the company’s stock after selling 31,548 shares during the quarter. Concentric Capital Strategies LP’s holdings in Fastenal were worth $5,377,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of FAST. Franklin Resources Inc. boosted its holdings in Fastenal by 1.2% in the third quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company’s stock worth $362,282,000 after purchasing an additional 90,095 shares during the last quarter. BlueStem Wealth Partners LLC bought a new stake in Fastenal in the 3rd quarter worth approximately $634,000. Wiregrass Investment Management LLC purchased a new stake in Fastenal during the 4th quarter valued at $1,020,000. Stance Capital LLC lifted its holdings in shares of Fastenal by 653.1% during the 3rd quarter. Stance Capital LLC now owns 54,976 shares of the company’s stock valued at $2,696,000 after buying an additional 47,676 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Fastenal by 20.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock valued at $13,173,000 after buying an additional 55,191 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on FAST shares. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Sanford C. Bernstein restated an “underperform” rating and set a $42.00 price target on shares of Fastenal in a research note on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Finally, Raymond James Financial set a $48.00 target price on shares of Fastenal in a research report on Thursday, March 5th. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $49.57.

Fastenal Stock Performance

NASDAQ:FAST opened at $44.88 on Thursday. The stock has a 50-day simple moving average of $45.12 and a two-hundred day simple moving average of $44.38. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The firm has a market capitalization of $51.52 billion, a PE ratio of 39.37, a P/E/G ratio of 2.93 and a beta of 0.73.

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

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were paid a dividend of $0.24 per share. The ex-dividend date 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 presently 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.