Franklin Resources Inc. Sells 900,094 Shares of Fastenal Company $FAST

Franklin Resources Inc. cut its holdings in shares of Fastenal Company (NASDAQ:FAST) by 12.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 6,487,378 shares of the company’s stock after selling 900,094 shares during the period. Franklin Resources Inc.’s holdings in Fastenal were worth $260,338,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares in the last quarter. Sittner & Nelson LLC grew its position in shares of Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares in the last quarter. Founders Capital Management LLC grew its position in shares of Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after purchasing an additional 228 shares in the last quarter. L2 Asset Management LLC grew its position in shares of Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after purchasing an additional 248 shares in the last quarter. Finally, Pinnacle West Asset Management Inc. grew its position in shares of Fastenal by 3.2% during the fourth quarter. Pinnacle West Asset Management Inc. now owns 8,025 shares of the company’s stock valued at $322,000 after purchasing an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FAST. Sanford C. Bernstein restated an “underperform” rating and set a $42.00 price objective on shares of Fastenal in a research report on Tuesday, April 14th. JPMorgan Chase & Co. raised their price objective on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Raymond James Financial set a $48.00 price objective on Fastenal in a research report on Thursday, March 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Finally, Morgan Stanley reaffirmed a “positive” rating and set a $45.00 price target on shares of Fastenal in a research note on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.85.

Fastenal Trading Up 1.3%

FAST opened at $46.58 on Wednesday. The firm has a market cap of $53.48 billion, a P/E ratio of 40.86, a P/E/G ratio of 2.92 and a beta of 0.73. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63. 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 stock has a 50-day moving average of $45.13 and a 200 day moving average of $44.12.

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

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 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.