London Co. of Virginia Sells 345,652 Shares of Fastenal Company $FAST

London Co. of Virginia cut its holdings in shares of Fastenal Company (NASDAQ:FAST) by 6.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 4,694,013 shares of the company’s stock after selling 345,652 shares during the quarter. London Co. of Virginia’s holdings in Fastenal were worth $217,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Wiregrass Investment Management LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at about $1,020,000. Assenagon Asset Management S.A. raised its holdings in shares of Fastenal by 20.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock valued at $13,173,000 after purchasing an additional 55,191 shares during the last quarter. Swiss Life Asset Management Ltd raised its holdings in shares of Fastenal by 2.7% during the fourth quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after purchasing an additional 39,406 shares during the last quarter. LBP AM SA lifted its position in Fastenal by 11.8% during the fourth quarter. LBP AM SA now owns 232,847 shares of the company’s stock valued at $9,344,000 after purchasing an additional 24,536 shares during the period. Finally, Fideuram Asset Management Ireland dac bought a new position in Fastenal during the fourth quarter valued at approximately $4,041,000. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Up 1.9%

Shares of FAST stock opened at $47.02 on Friday. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. The stock has a market cap of $53.96 billion, a P/E ratio of 39.85, a P/E/G ratio of 2.94 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company has a 50 day simple moving average of $45.92 and a two-hundred day simple moving average of $45.35.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s quarterly revenue was up 14.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. On average, research analysts expect that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.2%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is 81.36%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FAST shares. Robert W. Baird cut their target price on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Wolfe Research reissued an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. 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. Finally, Morgan Stanley upped their price objective on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $48.83.

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.