Truist Financial Corp Decreases Stake in Fastenal (NASDAQ:FAST)

Truist Financial Corp lessened its stake in Fastenal (NASDAQ:FAST) by 0.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 125,976 shares of the company’s stock after selling 562 shares during the quarter. Truist Financial Corp’s holdings in Fastenal were worth $8,159,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in FAST. Pinnacle Associates Ltd. raised its position in shares of Fastenal by 19.5% during the 3rd quarter. Pinnacle Associates Ltd. now owns 8,570 shares of the company’s stock worth $468,000 after acquiring an additional 1,396 shares in the last quarter. Raymond James & Associates raised its position in shares of Fastenal by 0.9% during the 3rd quarter. Raymond James & Associates now owns 868,357 shares of the company’s stock worth $47,447,000 after acquiring an additional 7,643 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its position in shares of Fastenal by 2.6% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 279,156 shares of the company’s stock worth $15,253,000 after acquiring an additional 7,100 shares in the last quarter. Vantage Investment Partners LLC raised its position in shares of Fastenal by 4.7% during the 3rd quarter. Vantage Investment Partners LLC now owns 228,473 shares of the company’s stock worth $12,484,000 after acquiring an additional 10,259 shares in the last quarter. Finally, Godsey & Gibb Inc. raised its position in shares of Fastenal by 1.4% during the 3rd quarter. Godsey & Gibb Inc. now owns 310,656 shares of the company’s stock worth $16,974,000 after acquiring an additional 4,281 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.5 %

FAST opened at $68.43 on Friday. The business’s 50 day moving average is $73.21 and its two-hundred day moving average is $67.01. Fastenal has a 52 week low of $52.85 and a 52 week high of $79.04. The firm has a market cap of $39.18 billion, a price-to-earnings ratio of 33.88, a price-to-earnings-growth ratio of 3.57 and a beta of 1.07. The company has a quick ratio of 2.49, a current ratio of 4.83 and a debt-to-equity ratio of 0.06.

Fastenal (NASDAQ:FAST) last announced its earnings results on Thursday, April 11th. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.68% and a return on equity of 33.98%. The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, research analysts predict that Fastenal will post 2.12 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 23rd. Shareholders of record on Thursday, April 25th will be paid a $0.39 dividend. The ex-dividend date is Wednesday, April 24th. This represents a $1.56 annualized dividend and a dividend yield of 2.28%. Fastenal’s dividend payout ratio (DPR) is currently 77.23%.

Insider Buying and Selling at Fastenal

In related news, Director Daniel L. Johnson bought 3,350 shares of the stock in a transaction on Wednesday, April 17th. The shares were bought at an average cost of $68.38 per share, for a total transaction of $229,073.00. Following the purchase, the director now owns 10,595 shares of the company’s stock, valued at approximately $724,486.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Anthony Paul Broersma sold 5,586 shares of Fastenal stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $69.34, for a total value of $387,333.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel L. Johnson purchased 3,350 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was acquired at an average price of $68.38 per share, for a total transaction of $229,073.00. Following the completion of the purchase, the director now owns 10,595 shares of the company’s stock, valued at $724,486.10. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 36,082 shares of company stock worth $2,584,060. 0.41% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FAST shares. HSBC raised their target price on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research report on Monday, April 15th. Stifel Nicolaus raised their target price on Fastenal from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Loop Capital cut their price target on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Finally, Robert W. Baird cut their price target on Fastenal from $77.00 to $71.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $67.67.

About Fastenal

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