Groupama Asset Managment Sells 22,056 Shares of Fastenal Company $FAST

Groupama Asset Managment cut its stake in shares of Fastenal Company (NASDAQ:FAST) by 77.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 6,344 shares of the company’s stock after selling 22,056 shares during the quarter. Groupama Asset Managment’s holdings in Fastenal were worth $294,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of FAST. Norges Bank purchased a new stake in Fastenal in the 4th quarter worth $646,046,000. Wellington Management Group LLP raised its stake in Fastenal by 243.5% during the fourth quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after purchasing an additional 8,574,208 shares in the last quarter. Bank of America Corp DE raised its position in shares of Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after buying an additional 7,943,217 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its stake in Fastenal by 1,039.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock worth $94,253,000 after buying an additional 2,132,593 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

FAST opened at $47.71 on Monday. The firm has a market capitalization of $54.75 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 2.99 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The business’s 50-day moving average is $46.31 and its two-hundred day moving average is $45.60. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The company’s quarterly revenue was up 14.7% on a year-over-year basis. Research analysts anticipate that Fastenal Company will post 1.25 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.2%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal’s payout ratio is 88.14%.

Analyst Upgrades and Downgrades

FAST has been the subject of several recent analyst reports. Robert W. Baird dropped their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Morgan Stanley upped their price target on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. DA Davidson reiterated a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Finally, Wolfe Research reissued an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $48.83.

Insiders Place Their Bets

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.28% of the stock is currently owned by company insiders.

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.