London Co. of Virginia Has $253.92 Million Holdings in Fastenal Company $FAST

London Co. of Virginia decreased its position in shares of Fastenal Company (NASDAQ:FAST) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,177,704 shares of the company’s stock after selling 90,623 shares during the period. Fastenal accounts for 1.4% of London Co. of Virginia’s investment portfolio, making the stock its 27th biggest holding. London Co. of Virginia’s holdings in Fastenal were worth $253,916,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Fastenal by 103.5% during the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after purchasing an additional 75,852,223 shares during the period. State Street Corp grew its holdings in Fastenal by 99.6% in the 2nd quarter. State Street Corp now owns 54,317,385 shares of the company’s stock valued at $2,281,330,000 after buying an additional 27,107,520 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Fastenal by 103.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock worth $1,931,830,000 after buying an additional 23,380,022 shares during the period. Norges Bank acquired a new position in shares of Fastenal during the second quarter worth approximately $638,648,000. Finally, Invesco Ltd. lifted its holdings in shares of Fastenal by 141.9% during the second quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock worth $670,898,000 after buying an additional 9,370,909 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the transaction, the director directly owned 40,000 shares of the company’s stock, valued at $1,893,600. This trade represents a 48.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the topic of several research analyst reports. Robert W. Baird raised their price objective on shares of Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, March 6th. Benchmark reiterated a “buy” rating on shares of Fastenal in a research note on Thursday, March 5th. Morgan Stanley reissued a “positive” rating and issued a $45.00 price target on shares of Fastenal in a report on Thursday, March 5th. UBS Group restated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Raymond James Financial set a $48.00 price objective on shares of Fastenal in a report on Thursday, March 5th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $48.83.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $45.68 on Tuesday. The firm has a market capitalization of $52.46 billion, a PE ratio of 41.53, a PEG ratio of 2.90 and a beta of 0.88. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The business’s 50 day moving average is $45.00 and its 200-day moving average is $44.07.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, meeting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.Fastenal’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 earnings per share. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were issued a $0.24 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Thursday, January 29th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is presently 87.27%.

About Fastenal

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.