ING Groep NV Makes New Investment in Fastenal (NASDAQ:FAST)

ING Groep NV acquired a new stake in shares of Fastenal (NASDAQ:FAST) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,166 shares of the company’s stock, valued at approximately $1,162,000.

A number of other hedge funds have also recently modified their holdings of FAST. King Luther Capital Management Corp lifted its position in Fastenal by 1.6% during the 3rd quarter. King Luther Capital Management Corp now owns 8,664 shares of the company’s stock valued at $619,000 after acquiring an additional 136 shares during the period. Verdence Capital Advisors LLC lifted its holdings in shares of Fastenal by 1.9% during the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock valued at $545,000 after purchasing an additional 142 shares during the last quarter. HB Wealth Management LLC lifted its holdings in shares of Fastenal by 1.2% during the fourth quarter. HB Wealth Management LLC now owns 11,674 shares of the company’s stock valued at $840,000 after purchasing an additional 142 shares during the last quarter. Catalina Capital Group LLC boosted its position in shares of Fastenal by 4.5% in the 3rd quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock worth $240,000 after purchasing an additional 146 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Fastenal by 1.8% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 9,137 shares of the company’s stock worth $653,000 after buying an additional 165 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of Fastenal stock opened at $74.78 on Monday. The stock has a market cap of $42.88 billion, a P/E ratio of 37.20, a P/E/G ratio of 3.58 and a beta of 1.02. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 4.67. The stock’s fifty day moving average is $74.22 and its 200 day moving average is $74.43. Fastenal has a one year low of $61.36 and a one year high of $84.88.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 earnings per share. Sell-side analysts anticipate that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be paid a $0.43 dividend. The ex-dividend date of this dividend is Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.30%. Fastenal’s dividend payout ratio is 85.57%.

Analysts Set New Price Targets

Several equities research analysts have commented on FAST shares. Hsbc Global Res downgraded Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. UBS Group started coverage on shares of Fastenal in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price target on the stock. HSBC downgraded shares of Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price objective on the stock. in a research report on Wednesday, December 11th. 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 note on Tuesday, January 21st. Finally, Wolfe Research raised their price target on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.