Fastenal (NASDAQ:FAST) Position Raised by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. raised its stake in Fastenal (NASDAQ:FAST – Get Rating) by 253.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 58,113 shares of the company’s stock after buying an additional 41,652 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Fastenal were worth $2,675,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in FAST. Bank of Montreal Can raised its stake in shares of Fastenal by 118.0% during the second quarter. Bank of Montreal Can now owns 2,427,871 shares of the company’s stock valued at $124,817,000 after purchasing an additional 1,314,106 shares in the last quarter. Echo Street Capital Management LLC bought a new stake in shares of Fastenal during the second quarter valued at about $57,056,000. Zurich Insurance Group Ltd FI bought a new stake in shares of Fastenal during the second quarter valued at about $53,751,000. Charles Schwab Investment Management Inc. raised its stake in shares of Fastenal by 8.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,227,656 shares of the company’s stock valued at $548,123,000 after purchasing an additional 681,328 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Fastenal by 31.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,619,335 shares of the company’s stock valued at $130,757,000 after purchasing an additional 620,398 shares in the last quarter. 76.99% of the stock is currently owned by institutional investors.

Fastenal Price Performance

NASDAQ:FAST opened at $49.58 on Wednesday. The business’s 50-day moving average price is $49.36 and its 200 day moving average price is $49.48. The firm has a market cap of $28.40 billion, a P/E ratio of 26.09, a PEG ratio of 2.83 and a beta of 1.17. Fastenal has a 52-week low of $43.73 and a 52-week high of $60.74. The company has a quick ratio of 1.79, a current ratio of 3.96 and a debt-to-equity ratio of 0.11.

Fastenal (NASDAQ:FAST – Get Rating) last posted its quarterly earnings data on Thursday, January 19th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.01. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.67 billion. Fastenal had a return on equity of 34.38% and a net margin of 15.57%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.40 EPS. As a group, sell-side analysts predict that Fastenal will post 1.92 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 2nd. Shareholders of record on Thursday, February 2nd will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.82%. The ex-dividend date is Wednesday, February 1st. This is an increase from Fastenal’s previous quarterly dividend of $0.31. Fastenal’s payout ratio is presently 65.26%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FAST shares. StockNews.com cut shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Saturday, October 15th. Loop Capital lowered their target price on Fastenal from $54.00 to $53.00 and set a “hold” rating on the stock in a report on Monday. Morgan Stanley lowered their target price on Fastenal from $43.00 to $42.00 and set an “underweight” rating on the stock in a report on Friday, January 6th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $50.00 target price on shares of Fastenal in a report on Monday, October 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $51.14.

Insiders Place Their Bets

In related news, insider Jeffery Michael Watts acquired 5,940 shares of the business’s stock in a transaction on Tuesday, November 29th. The shares were purchased at an average price of $50.58 per share, for a total transaction of $300,445.20. Following the acquisition, the insider now owns 5,940 shares in the company, valued at $300,445.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.40% of the company’s stock.

Fastenal Company Profile

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Fastenal Co engages in the provision of fasteners, tools, and supplies which can help manufacture products, build structures, protect personnel, and maintain facilities and equipment. Its products include cutting tools and metalworking, fasteners, material handling, storage and packaging power, transmission and motors, tools and equipment, electricals, abrasives, hydraulics and pneumatics, plumbing, lifting and rigging, raw materials, fleet and automotive, welding, office products and furniture, and janitorial supplies.