Fastenal Company $FAST Shares Sold by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC cut its stake in Fastenal Company (NASDAQ:FAST) by 6.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 791,820 shares of the company’s stock after selling 53,246 shares during the period. Fastenal accounts for approximately 1.1% of Clifford Swan Investment Counsel LLC’s portfolio, making the stock its 27th largest position. Clifford Swan Investment Counsel LLC’s holdings in Fastenal were worth $31,776,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after buying an additional 2,346,045 shares during the period. Geode Capital Management LLC raised its holdings in Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after buying an additional 685,047 shares during the period. Invesco Ltd. raised its holdings in Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after buying an additional 2,242,116 shares during the period. Norges Bank purchased a new position in Fastenal in the fourth quarter valued at approximately $646,046,000. Finally, Bank of America Corp DE raised its holdings in Fastenal by 1.1% in the third quarter. Bank of America Corp DE now owns 15,604,974 shares of the company’s stock valued at $765,268,000 after buying an additional 173,581 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Trading Up 1.6%

FAST opened at $47.19 on Friday. The firm has a market capitalization of $54.17 billion, a P/E ratio of 41.39, a P/E/G ratio of 2.96 and a beta of 0.73. The firm’s 50 day moving average is $45.05 and its 200-day moving average is $43.98. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted 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 company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. Analysts expect that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on FAST. Bank of America raised their price target on shares of Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Sanford C. Bernstein restated an “underperform” rating and issued a $42.00 price target on shares of Fastenal in a report on Tuesday, April 14th. Barclays set a $46.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a report on Wednesday. Robert W. Baird cut their price target on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. Finally, Wolfe Research cut their price target on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a report on Tuesday, April 14th. Five investment 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 MarketBeat.com, the stock has an average rating of “Hold” and an average target price 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.