Pictet Asset Management Holding SA Sells 195,596 Shares of Fastenal Company $FAST

Pictet Asset Management Holding SA decreased its holdings in shares of Fastenal Company (NASDAQ:FAST) by 27.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 508,115 shares of the company’s stock after selling 195,596 shares during the period. Pictet Asset Management Holding SA’s holdings in Fastenal were worth $25,167,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Fastenal during the second quarter valued at approximately $5,105,454,000. Caisse de depot et placement du Quebec acquired a new stake in shares of Fastenal during the 2nd quarter worth approximately $39,417,000. Baird Financial Group Inc. lifted its holdings in shares of Fastenal by 1.2% in the 2nd quarter. Baird Financial Group Inc. now owns 15,561,007 shares of the company’s stock worth $747,395,000 after purchasing an additional 183,238 shares during the last quarter. NEOS Investment Management LLC lifted its holdings in shares of Fastenal by 12.4% in the 2nd quarter. NEOS Investment Management LLC now owns 874,887 shares of the company’s stock worth $42,021,000 after purchasing an additional 96,580 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Fastenal by 0.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 10,347,343 shares of the company’s stock worth $496,983,000 after purchasing an additional 50,335 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $55.49 on Thursday. The stock has a market cap of $63.66 billion, a price-to-earnings ratio of 44.75, a PEG ratio of 3.28 and a beta of 0.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.93 and a quick ratio of 2.11. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $55.62. The stock’s 50 day moving average price is $50.99 and its 200 day moving average price is $47.59.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Fastenal had a return on equity of 35.13% and a net margin of 15.62%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the company posted $0.29 EPS. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. Equities research analysts anticipate that Fastenal Company will post 1.28 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, October 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Wednesday, October 28th. Fastenal’s payout ratio is currently 83.87%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on FAST shares. Robert W. Baird upped their price objective on Fastenal from $59.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. DA Davidson set a $51.00 target price on Fastenal and gave the stock a “neutral” rating in a research report on Tuesday, October 13th. Morgan Stanley raised their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Argus boosted their price target on shares of Fastenal from $55.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Finally, Barclays lowered their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $51.46.

Fastenal Company Profile

Fastenal Company is a distributor of industrial and construction supplies, serving businesses that need products to maintain facilities, support production and complete building projects. Its offerings include fasteners such as screws, nuts and bolts, as well as safety supplies, tools and other maintenance, repair and operations products. In addition to product distribution, Fastenal provides services designed to help customers manage supplies and purchasing. These include inventory management, on-site support and industrial vending solutions that make frequently used items available at customer facilities.