OP Asset Management Ltd Acquires New Shares in Fastenal Company $FAST

OP Asset Management Ltd acquired a new stake in Fastenal Company (NASDAQ:FAST) during the 1st quarter, Holdings Channel.com reports. The fund acquired 119,374 shares of the company’s stock, valued at approximately $5,539,000.

Several other institutional investors have also added to or reduced their stakes in the business. Franklin Resources Inc. grew its stake in shares of 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 acquiring an additional 90,095 shares during the period. BlueStem Wealth Partners LLC purchased a new stake in Fastenal in the third quarter worth approximately $634,000. Wiregrass Investment Management LLC purchased a new stake in Fastenal in the fourth quarter worth approximately $1,020,000. Stance Capital LLC grew its position in Fastenal by 653.1% in the 3rd quarter. Stance Capital LLC now owns 54,976 shares of the company’s stock worth $2,696,000 after purchasing an additional 47,676 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in Fastenal by 20.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock worth $13,173,000 after purchasing an additional 55,191 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Trading Up 0.4%

Shares of Fastenal stock opened at $47.10 on Friday. The company’s fifty day simple moving average is $45.06 and its 200-day simple moving average is $44.62. The stock has a market capitalization of $54.07 billion, a PE ratio of 41.32, a P/E/G ratio of 2.99 and a beta of 0.73. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 EPS. As a group, equities analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Dividend Announcement

The business 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. This represents a $0.96 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s payout ratio is currently 84.21%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Robert W. Baird lowered their price target on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. DA Davidson began coverage on Fastenal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 target price on the stock. Sanford C. Bernstein reissued an “underperform” rating and issued a $42.00 target price on shares of Fastenal in a research report on Tuesday, April 14th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $49.57.

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.