Sumitomo Mitsui Trust Holdings Inc. Cuts Stock Holdings in Fastenal (NASDAQ:FAST)

Posted by Defense World Staff on Jul 16th, 2023

Sumitomo Mitsui Trust Holdings Inc. decreased its stake in Fastenal (NASDAQ:FAST – Free Report) by 15.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,771,742 shares of the company’s stock after selling 320,096 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.31% of Fastenal worth $95,568,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Madison Asset Management LLC lifted its position in Fastenal by 65.6% in the 1st quarter. Madison Asset Management LLC now owns 680,114 shares of the company’s stock worth $36,685,000 after buying an additional 269,437 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new position in shares of Fastenal in the first quarter worth about $203,000. State of New Jersey Common Pension Fund D boosted its holdings in Fastenal by 0.7% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 337,064 shares of the company’s stock valued at $18,181,000 after acquiring an additional 2,509 shares during the period. Caprock Group LLC increased its stake in Fastenal by 16.9% in the 1st quarter. Caprock Group LLC now owns 8,502 shares of the company’s stock worth $459,000 after purchasing an additional 1,231 shares during the period. Finally, Investment Management of Virginia LLC bought a new position in shares of Fastenal in the first quarter worth approximately $206,000. 77.24% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $57.48 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.75 and a current ratio of 4.26. The firm has a market cap of $32.82 billion, a price-to-earnings ratio of 29.18, a price-to-earnings-growth ratio of 3.18 and a beta of 1.19. The business has a 50-day simple moving average of $56.03 and a two-hundred day simple moving average of $53.20. Fastenal has a fifty-two week low of $43.73 and a fifty-two week high of $59.43.

Fastenal (NASDAQ:FAST – Get Free Report) last issued its quarterly earnings data on Thursday, July 13th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.01). The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.89 billion. Fastenal had a net margin of 15.52% and a return on equity of 34.63%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS. On average, analysts expect that Fastenal will post 1.98 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, July 27th will be paid a dividend of $0.35 per share. The ex-dividend date is Wednesday, July 26th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.44%. Fastenal’s dividend payout ratio is currently 71.07%.

Insider Transactions at Fastenal

In other news, COO Terry Modock Owen sold 20,000 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $56.15, for a total transaction of $1,123,000.00. Following the completion of the sale, the chief operating officer now owns 7,000 shares of the company’s stock, valued at approximately $393,050. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on FAST shares. Stifel Nicolaus started coverage on shares of Fastenal in a report on Monday, April 3rd. They set a “buy” rating and a $61.00 target price for the company. Morgan Stanley lifted their price objective on Fastenal from $42.00 to $46.00 and gave the company an “underweight” rating in a research report on Wednesday, April 5th. Stephens cut Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 price target on the stock. in a research note on Thursday. They noted that the move was a valuation call. StockNews.com lowered shares of Fastenal from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, Robert W. Baird boosted their price target on Fastenal from $57.00 to $60.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus target price of $56.67.

Fastenal Profile

(Free Report)

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.