Resona Asset Management Co. Ltd. Decreases Stake in Fastenal Company $FAST

Resona Asset Management Co. Ltd. reduced its holdings in Fastenal Company (NASDAQ:FAST) by 3.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 460,796 shares of the company’s stock after selling 15,124 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Fastenal were worth $18,615,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC purchased a new position in Fastenal during the fourth quarter worth about $496,000. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares during the period. Quantbot Technologies LP purchased a new position in Fastenal during the second quarter worth about $158,000. Jump Financial LLC purchased a new position in Fastenal during the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC raised its stake in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after purchasing an additional 1,771 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Down 1.0%

Shares of FAST stock opened at $43.57 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The stock has a market capitalization of $50.02 billion, a P/E ratio of 38.22, a price-to-earnings-growth ratio of 2.80 and a beta of 0.75. The company has a 50 day moving average price of $45.23 and a 200 day moving average price of $43.68. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the business posted $0.52 EPS. The firm’s revenue was up 12.4% on a year-over-year basis. Equities research analysts predict 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 will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, April 28th. Fastenal’s payout ratio is 84.21%.

Insider Buying and Selling

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were 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 owned 40,000 shares in the company, valued at $1,893,600. The trade was a 48.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.28% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on FAST. Raymond James Financial set a $48.00 target price on shares of Fastenal in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. UBS Group reaffirmed a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, January 21st. Wolfe Research reduced their target price on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 14th. Finally, Barclays lifted their target price on shares of Fastenal from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $49.77.

Fastenal Company 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.