Riverbridge Partners LLC Lowers Stake in Fastenal Company $FAST

Riverbridge Partners LLC lessened its stake in shares of Fastenal Company (NASDAQ:FAST) by 6.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,221,882 shares of the company’s stock after selling 159,678 shares during the quarter. Fastenal makes up about 2.5% of Riverbridge Partners LLC’s portfolio, making the stock its 11th biggest position. Riverbridge Partners LLC’s holdings in Fastenal were worth $103,095,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Integrated Wealth Concepts LLC lifted its stake in shares of Fastenal by 2.4% during the 1st 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 last quarter. Sittner & Nelson LLC boosted its position in 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 stake in Fastenal by 2.2% in 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 during the last quarter. L2 Asset Management LLC raised its holdings in Fastenal by 4.8% in the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after purchasing an additional 248 shares in the last quarter. Finally, Pinnacle West Asset Management Inc. raised 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 purchasing an additional 250 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Barclays set a $46.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. increased their target price on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Sanford C. Bernstein restated an “underperform” rating and issued a $42.00 target price on shares of Fastenal in a research note on Tuesday, April 14th. Finally, DA Davidson began coverage on shares of Fastenal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $49.57.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $45.60 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 company has a market cap of $52.35 billion, a PE ratio of 40.00, a P/E/G ratio of 2.94 and a beta of 0.73. The business has a 50-day simple moving average of $44.95 and a two-hundred day simple moving average of $44.53. 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 data on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities analysts expect that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s payout ratio 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.