Riverbridge Partners LLC Trims Stake in Fastenal Company $FAST

Riverbridge Partners LLC lessened its position in Fastenal Company (NASDAQ:FAST) by 6.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,221,882 shares of the company’s stock after selling 159,678 shares during the quarter. Fastenal accounts for 2.5% of Riverbridge Partners LLC’s portfolio, making the stock its 11th largest position. Riverbridge Partners LLC owned about 0.19% of Fastenal worth $103,095,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Palladiem LLC bought a new stake in Fastenal in the fourth quarter worth about $25,000. Elyxium Wealth LLC purchased a new stake in shares of Fastenal in the fourth quarter worth approximately $25,000. MV Capital Management Inc. purchased a new stake in shares of Fastenal in the fourth quarter worth approximately $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Fastenal during the 3rd quarter worth approximately $36,000. Finally, Field & Main Bank bought a new stake in shares of Fastenal during the 4th quarter worth approximately $30,000. 81.38% of the stock is currently owned by institutional investors.

Fastenal Trading Down 1.1%

Shares of NASDAQ FAST opened at $45.60 on Wednesday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The firm has a market cap of $52.35 billion, a PE ratio of 40.00, a price-to-earnings-growth ratio of 2.94 and a beta of 0.73. The business has a fifty day simple moving average of $44.95 and a two-hundred day simple moving average of $44.53. 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 announced its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business’s revenue for the quarter 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 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FAST shares. Robert W. Baird cut their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 14th. Bank of America lifted their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Wolfe Research lowered their target price on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research note on Tuesday, April 14th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $49.57.

Fastenal Profile

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.