Fastenal (NASDAQ:FAST) Shares Sold by UNIVEST FINANCIAL Corp

UNIVEST FINANCIAL Corp lowered its holdings in Fastenal (NASDAQ:FAST) by 7.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,819 shares of the company’s stock after selling 1,229 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Fastenal were worth $1,138,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. OFI Invest Asset Management acquired a new stake in Fastenal in the 4th quarter valued at about $46,000. Whipplewood Advisors LLC acquired a new stake in Fastenal in the fourth quarter valued at approximately $49,000. SBI Securities Co. Ltd. acquired a new stake in Fastenal in the fourth quarter valued at approximately $49,000. R Squared Ltd acquired a new position in Fastenal during the 4th quarter worth approximately $68,000. Finally, Eastern Bank increased its position in shares of Fastenal by 440.7% in the 4th quarter. Eastern Bank now owns 984 shares of the company’s stock valued at $71,000 after purchasing an additional 802 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of FAST stock opened at $77.09 on Thursday. The stock’s 50-day moving average price is $75.29 and its 200 day moving average price is $75.82. 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 stock has a market capitalization of $44.21 billion, a PE ratio of 38.35, a price-to-earnings-growth ratio of 3.58 and a beta of 1.05. Fastenal has a 52-week low of $61.36 and a 52-week high of $84.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter last year, the company earned $0.46 EPS. Fastenal’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts forecast that Fastenal will post 2.15 EPS for the current year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, January 31st were paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.23%. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, January 31st. Fastenal’s payout ratio is 85.57%.

Analyst Ratings Changes

A number of analysts have weighed in on FAST shares. William Blair upgraded Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Jefferies Financial Group boosted their target price on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. HSBC lowered shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price target on the stock. in a research note on Wednesday, December 11th. Wolfe Research boosted their price objective on shares of Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Finally, Stifel Nicolaus dropped their target price on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Two research 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 MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $76.91.

Fastenal Company 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.