Frank Rimerman Advisors LLC Increases Position in Fastenal (NASDAQ:FAST)

Frank Rimerman Advisors LLC grew its holdings in Fastenal (NASDAQ:FAST) by 1.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,846 shares of the company’s stock after purchasing an additional 318 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Fastenal were worth $1,499,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in FAST. Assetmark Inc. boosted its stake in Fastenal by 20.4% during the third quarter. Assetmark Inc. now owns 4,307 shares of the company’s stock worth $308,000 after buying an additional 731 shares during the last quarter. Curi RMB Capital LLC raised its holdings in shares of Fastenal by 3.0% during the 3rd quarter. Curi RMB Capital LLC now owns 34,375 shares of the company’s stock worth $2,455,000 after acquiring an additional 990 shares during the period. Metis Global Partners LLC boosted its position in shares of Fastenal by 5.6% during the 3rd quarter. Metis Global Partners LLC now owns 29,243 shares of the company’s stock valued at $2,089,000 after acquiring an additional 1,543 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Fastenal by 8.7% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,928 shares of the company’s stock valued at $1,066,000 after purchasing an additional 1,195 shares during the period. Finally, CIBC Asset Management Inc increased its position in Fastenal by 5.2% during the third quarter. CIBC Asset Management Inc now owns 194,438 shares of the company’s stock worth $13,887,000 after purchasing an additional 9,668 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Hsbc Global Res lowered shares of Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. HSBC cut Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price objective on the stock. in a report on Wednesday, December 11th. Jefferies Financial Group lifted their target price on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Wolfe Research increased their price target on Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a report on Thursday, January 16th. Finally, William Blair upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a report on Monday, March 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $76.91.

Fastenal Trading Up 2.1 %

NASDAQ FAST opened at $75.26 on Friday. Fastenal has a one year low of $61.36 and a one year high of $84.88. The firm has a 50 day simple moving average of $74.74 and a 200-day simple moving average of $75.29. The firm has a market cap of $43.16 billion, a price-to-earnings ratio of 37.44, a PEG ratio of 3.58 and a beta of 1.05. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67.

Fastenal (NASDAQ:FAST) last posted 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). The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The business’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. Equities research analysts anticipate that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, January 31st were given a $0.43 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.72 dividend on an annualized basis and a yield of 2.29%. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio (DPR) is currently 85.57%.

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.