Hilltop Holdings Inc. Decreases Stake in Fastenal (NASDAQ:FAST)

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Hilltop Holdings Inc. reduced its position in Fastenal (NASDAQ:FAST) by 5.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,935 shares of the company’s stock after selling 544 shares during the period. Hilltop Holdings Inc.’s holdings in Fastenal were worth $330,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FAST. Executive Wealth Management LLC raised its position in Fastenal by 120.7% during the third quarter. Executive Wealth Management LLC now owns 1,249 shares of the company’s stock valued at $40,000 after purchasing an additional 683 shares during the period. Ilmarinen Mutual Pension Insurance Co purchased a new stake in Fastenal in the third quarter valued at $2,436,000. Voya Investment Management LLC lifted its position in Fastenal by 1.9% in the third quarter. Voya Investment Management LLC now owns 321,381 shares of the company’s stock valued at $10,499,000 after acquiring an additional 6,147 shares during the last quarter. Voya Financial Advisors Inc. lifted its position in Fastenal by 6.4% in the third quarter. Voya Financial Advisors Inc. now owns 38,759 shares of the company’s stock valued at $1,249,000 after acquiring an additional 2,325 shares during the last quarter. Finally, State Street Corp lifted its position in Fastenal by 1.9% in the third quarter. State Street Corp now owns 31,066,372 shares of the company’s stock valued at $1,014,938,000 after acquiring an additional 585,911 shares during the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.

Shares of FAST opened at $31.37 on Wednesday. The company has a current ratio of 4.51, a quick ratio of 2.00 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average is $35.29 and its two-hundred day moving average is $35.30. Fastenal has a twelve month low of $26.72 and a twelve month high of $39.31. The firm has a market capitalization of $16.19 billion, a P/E ratio of 22.73, a PEG ratio of 1.44 and a beta of 1.23.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, January 17th. The company reported $0.31 EPS for the quarter, meeting the consensus estimate of $0.31. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Fastenal had a net margin of 14.83% and a return on equity of 31.16%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.60 earnings per share. Analysts predict that Fastenal will post 1.4 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were given a $0.25 dividend. The ex-dividend date of this dividend was Thursday, January 30th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $1.00 annualized dividend and a dividend yield of 3.19%. Fastenal’s dividend payout ratio is currently 72.46%.

A number of equities research analysts recently weighed in on FAST shares. Wells Fargo & Co raised shares of Fastenal from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Thursday, March 19th. ValuEngine raised shares of Fastenal from a “strong sell” rating to a “sell” rating in a report on Wednesday, March 18th. Morgan Stanley cut their price target on shares of Fastenal from $37.00 to $30.00 and set an “equal weight” rating for the company in a report on Tuesday, March 17th. Buckingham Research increased their price target on shares of Fastenal from $33.00 to $36.00 and gave the stock a “neutral” rating in a report on Tuesday, January 21st. Finally, Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $38.00 to $40.00 in a report on Friday, March 13th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $75.67.

In other news, Director Darren R. Jackson acquired 18,000 shares of Fastenal stock in a transaction that occurred on Thursday, January 23rd. The shares were acquired at an average price of $35.57 per share, with a total value of $640,260.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Ancius acquired 740 shares of Fastenal stock in a transaction that occurred on Monday, January 27th. The shares were purchased at an average cost of $34.94 per share, for a total transaction of $25,855.60. The disclosure for this purchase can be found here. Insiders bought 18,945 shares of company stock worth $672,514 over the last quarter. Company insiders own 0.57% of the company’s stock.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Further Reading: What is an Initial Coin Offering (ICO)?

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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