Intech Investment Management LLC Cuts Stock Position in Fastenal (NASDAQ:FAST)

Intech Investment Management LLC reduced its position in Fastenal (NASDAQ:FAST) by 88.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 45,110 shares of the company’s stock after selling 353,508 shares during the quarter. Intech Investment Management LLC’s holdings in Fastenal were worth $3,244,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Generali Asset Management SPA SGR purchased a new stake in Fastenal during the 4th quarter valued at about $5,757,000. PDS Planning Inc purchased a new stake in Fastenal during the 4th quarter valued at about $218,000. RD Lewis Holdings Inc. purchased a new stake in Fastenal during the 4th quarter valued at about $764,000. Axxcess Wealth Management LLC boosted its holdings in Fastenal by 12.7% during the 4th quarter. Axxcess Wealth Management LLC now owns 18,177 shares of the company’s stock valued at $1,307,000 after acquiring an additional 2,053 shares during the period. Finally, Cozad Asset Management Inc. boosted its holdings in Fastenal by 5.5% during the 4th quarter. Cozad Asset Management Inc. now owns 2,985 shares of the company’s stock valued at $215,000 after acquiring an additional 155 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Fastenal stock opened at $76.46 on Thursday. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $43.85 billion, a P/E ratio of 38.04, a PEG ratio of 3.58 and a beta of 1.05. The stock’s 50 day moving average is $74.97 and its 200 day moving average is $75.47. Fastenal has a twelve month low of $61.36 and a twelve month high of $84.88.

Fastenal (NASDAQ:FAST) last posted 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 company 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%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 EPS. On average, equities research analysts predict that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, January 31st were paid a $0.43 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.72 annualized dividend and a dividend yield of 2.25%. This is an increase from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio is presently 85.57%.

Analyst Ratings Changes

FAST has been the subject of several analyst reports. Wolfe Research increased their target price on Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. William Blair raised Fastenal from a “market perform” rating to an “outperform” rating in a research report on Monday, March 10th. Jefferies Financial Group upped their price target on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, December 6th. HSBC lowered Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target for the company. in a research report on Wednesday, December 11th. Finally, Hsbc Global Res lowered Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Fastenal has an average rating of “Hold” and a consensus target price of $76.91.

About Fastenal

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.