Panoramic Capital Partners LLC Takes Position in Fastenal (NASDAQ:FAST)

Panoramic Capital Partners LLC bought a new position in Fastenal (NASDAQ:FAST) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,786 shares of the company’s stock, valued at approximately $200,000.

Other hedge funds also recently bought and sold shares of the company. State Street Corp boosted its position in Fastenal by 5.1% during the third quarter. State Street Corp now owns 27,989,485 shares of the company’s stock valued at $1,999,009,000 after buying an additional 1,346,863 shares during the period. Geode Capital Management LLC lifted its stake in shares of Fastenal by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company’s stock valued at $1,188,251,000 after acquiring an additional 880,372 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Fastenal by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company’s stock valued at $1,419,690,000 after acquiring an additional 608,596 shares during the period. Benjamin Edwards Inc. grew its position in Fastenal by 1,789.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 535,723 shares of the company’s stock worth $38,262,000 after acquiring an additional 507,364 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Fastenal by 59.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 928,377 shares of the company’s stock worth $66,305,000 after purchasing an additional 345,537 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Fastenal stock opened at $73.72 on Tuesday. Fastenal has a fifty-two week low of $61.36 and a fifty-two week high of $84.88. The stock’s 50 day simple moving average is $75.44 and its two-hundred day simple moving average is $73.98. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67. The stock has a market cap of $42.23 billion, a price-to-earnings ratio of 36.68, a PEG ratio of 3.55 and a beta of 1.02.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. Fastenal’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 earnings per share. As a group, analysts expect that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 2.33%. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, January 31st. Fastenal’s dividend payout ratio (DPR) is presently 85.57%.

Insider Activity at Fastenal

In other news, Director Daniel L. Johnson sold 8,474 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.36, for a total value of $706,392.64. Following the completion of the transaction, the director now owns 10,595 shares in the company, valued at $883,199.20. The trade was a 44.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Charles S. Miller sold 23,480 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.92, for a total value of $1,970,441.60. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of analyst reports. Jefferies Financial Group increased their price objective on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Morgan Stanley increased their price target on shares of Fastenal from $72.00 to $76.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Stephens boosted their price objective on shares of Fastenal from $56.00 to $75.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Hsbc Global Res lowered shares of Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. Finally, HSBC cut Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price on the stock. in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $76.91.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.