Fastenal Company $FAST Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA grew its position in shares of Fastenal Company (NASDAQ:FAST) by 51.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 820,767 shares of the company’s stock after buying an additional 279,741 shares during the period. Pictet Asset Management Holding SA owned about 0.07% of Fastenal worth $38,068,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC bought a new position in Fastenal during the fourth quarter worth $496,000. Integrated Wealth Concepts LLC raised its holdings 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 worth $487,000 after purchasing an additional 147 shares during the period. Quantbot Technologies LP bought a new position in shares of Fastenal in the 2nd quarter worth about $158,000. Jump Financial LLC bought a new position in shares of Fastenal in the 2nd quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC boosted its holdings in shares of Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after buying an additional 1,771 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Trading Up 1.3%

Shares of NASDAQ:FAST opened at $48.03 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average price is $45.16 and its 200 day moving average price is $44.75. The company has a market cap of $55.14 billion, a PE ratio of 42.13, a P/E/G ratio of 3.02 and a beta of 0.73. 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 earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. Fastenal’s quarterly revenue was up 12.4% on a year-over-year basis. Sell-side analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, April 28th. Fastenal’s payout ratio is 84.21%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FAST shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. 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. JPMorgan Chase & Co. upped their target price on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Barclays set a $46.00 price target on Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, June 3rd. Finally, Bank of America boosted their price objective on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average target price of $49.57.

Fastenal Profile

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.