Norges Bank Makes New $522.56 Million Investment in Fastenal (NASDAQ:FAST)

Norges Bank bought a new stake in Fastenal (NASDAQ:FAST) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,266,831 shares of the company’s stock, valued at approximately $522,558,000.

Other hedge funds have also made changes to their positions in the company. Sound Financial Strategies Group LLC acquired a new stake in Fastenal during the 4th quarter worth approximately $873,000. Matrix Trust Co purchased a new stake in shares of Fastenal during the fourth quarter worth approximately $1,756,000. Franklin Resources Inc. lifted its holdings in shares of Fastenal by 3.8% during the third quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock worth $350,703,000 after purchasing an additional 165,423 shares during the period. Czech National Bank grew its position in Fastenal by 6.5% in the 4th quarter. Czech National Bank now owns 124,213 shares of the company’s stock valued at $8,932,000 after buying an additional 7,559 shares during the last quarter. Finally, Armstrong Henry H Associates Inc. increased its stake in Fastenal by 29.9% in the 4th quarter. Armstrong Henry H Associates Inc. now owns 36,367 shares of the company’s stock valued at $2,615,000 after buying an additional 8,380 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

Fastenal stock opened at $76.17 on Friday. The firm has a market capitalization of $43.68 billion, a PE ratio of 37.90, a P/E/G ratio of 3.58 and a beta of 1.05. Fastenal has a 52 week low of $61.36 and a 52 week high of $84.88. The firm’s 50-day simple moving average is $75.35 and its 200 day simple moving average is $75.89. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released 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). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the company earned $0.46 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts predict 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 dividend of $0.43 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.72 annualized dividend and a yield of 2.26%. Fastenal’s dividend payout ratio (DPR) is presently 85.57%.

Analyst Ratings Changes

FAST has been the subject of several recent analyst reports. William Blair upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a research note on Monday, March 10th. Hsbc Global Res downgraded shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Stifel Nicolaus dropped their target price on Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Wolfe Research raised their price target on Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a report on Thursday, January 16th. Finally, HSBC lowered 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $76.91.

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.