TD Asset Management Inc Lowers Position in Fastenal Company $FAST

TD Asset Management Inc cut its stake in Fastenal Company (NASDAQ:FAST) by 4.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,047,323 shares of the company’s stock after selling 195,640 shares during the period. TD Asset Management Inc owned 0.35% of Fastenal worth $162,419,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pinnacle West Asset Management Inc. lifted its holdings in Fastenal by 3.2% in the fourth quarter. Pinnacle West Asset Management Inc. now owns 8,025 shares of the company’s stock worth $322,000 after buying an additional 250 shares during the period. CIBC Asset Management Inc lifted its holdings in Fastenal by 31.8% in the fourth quarter. CIBC Asset Management Inc now owns 505,817 shares of the company’s stock worth $20,298,000 after buying an additional 122,149 shares during the period. Westpac Banking Corp lifted its holdings in Fastenal by 9.4% in the fourth quarter. Westpac Banking Corp now owns 9,393 shares of the company’s stock worth $377,000 after buying an additional 807 shares during the period. AXQ Capital LP purchased a new stake in Fastenal in the fourth quarter worth about $519,000. Finally, BNP Paribas purchased a new stake in Fastenal in the fourth quarter worth about $403,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on FAST. Wolfe Research lowered their price objective on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a report on Tuesday, April 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Morgan Stanley reiterated a “positive” rating and set a $45.00 target price on shares of Fastenal in a report on Thursday, March 5th. Sanford C. Bernstein reiterated an “underperform” rating and set a $42.00 target price on shares of Fastenal in a report on Tuesday, April 14th. Finally, Robert W. Baird lowered their target price on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.85.

Fastenal Price Performance

FAST stock opened at $47.19 on Friday. The firm has a 50 day moving average price of $45.05 and a 200-day moving average price of $43.98. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $50.63. The firm has a market capitalization of $54.17 billion, a price-to-earnings ratio of 41.39, a PEG ratio of 2.96 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39.

Fastenal (NASDAQ:FAST) last released its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The business’s revenue was up 12.4% on a year-over-year basis. During the same period last year, the business earned $0.52 earnings per share. Equities research analysts forecast that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is 84.21%.

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.