Fifth Third Bancorp Has $18.64 Million Stock Holdings in Fastenal Company $FAST

Fifth Third Bancorp increased its stake in shares of Fastenal Company (NASDAQ:FAST) by 330.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 401,650 shares of the company’s stock after acquiring an additional 308,336 shares during the quarter. Fifth Third Bancorp’s holdings in Fastenal were worth $18,637,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Elyxium Wealth LLC acquired a new position in shares of Fastenal in the fourth quarter valued at about $25,000. Palladiem LLC acquired a new stake in Fastenal in the 4th quarter worth about $25,000. MV Capital Management Inc. acquired a new stake in Fastenal in the 4th quarter worth about $29,000. Field & Main Bank bought a new stake in Fastenal in the 4th quarter valued at about $30,000. Finally, Tucker Asset Management LLC bought a new stake in Fastenal in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on FAST shares. Robert W. Baird lowered their target price on shares of Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, April 14th. DA Davidson started coverage on Fastenal in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price target for the company. Wolfe Research reiterated an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a research note on Thursday. Sanford C. Bernstein reissued an “underperform” rating and set a $42.00 price target on shares of Fastenal in a research report on Tuesday, April 14th. Finally, JPMorgan Chase & Co. raised their price objective on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $48.31.

Fastenal Stock Performance

Shares of FAST stock opened at $47.05 on Tuesday. The firm has a market capitalization of $54.02 billion, a price-to-earnings ratio of 41.27, a PEG ratio of 2.94 and a beta of 0.72. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $45.60 and its 200-day moving average price is $45.09. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.Fastenal’s quarterly revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. Equities research analysts forecast that Fastenal Company will post 1.24 EPS for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is 84.21%.

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.