Fastenal Company $FAST Shares Bought by USS Investment Management Ltd

USS Investment Management Ltd grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 6.1% during the fourth quarter, HoldingsChannel reports. The firm owned 5,946,990 shares of the company’s stock after buying an additional 342,116 shares during the period. Fastenal accounts for 1.2% of USS Investment Management Ltd’s portfolio, making the stock its 16th largest position. USS Investment Management Ltd’s holdings in Fastenal were worth $238,682,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FAST. Elyxium Wealth LLC acquired a new position in shares of Fastenal during the fourth quarter worth about $25,000. Palladiem LLC acquired a new position in shares of Fastenal during the fourth quarter worth about $25,000. Field & Main Bank acquired a new position in shares of Fastenal during the fourth quarter worth about $30,000. Tucker Asset Management LLC acquired a new position in shares of Fastenal during the fourth quarter worth about $33,000. Finally, Tradewinds Capital Management LLC acquired a new position in shares of Fastenal during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $46.57 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The business’s 50-day simple moving average is $45.15 and its 200 day simple moving average is $44.27. The stock has a market cap of $53.46 billion, a price-to-earnings ratio of 40.85, a price-to-earnings-growth ratio of 2.96 and a beta of 0.73.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results 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 business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s revenue was up 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were paid a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Fastenal’s payout ratio is 84.21%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FAST. Barclays set a $46.00 price objective on Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their price objective on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Robert W. Baird reduced their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. Raymond James Financial set a $48.00 price target on Fastenal in a research note on Thursday, March 5th. Finally, Benchmark reiterated 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $49.85.

About Fastenal

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.