Fastenal (FAST) Shares Sold by D. E. Shaw & Co. Inc.
D. E. Shaw & Co. Inc. lowered its stake in shares of Fastenal (NASDAQ:FAST) by 60.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 463,932 shares of the company’s stock after selling 709,331 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.16% of Fastenal worth $24,259,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of FAST. Oregon Public Employees Retirement Fund increased its stake in shares of Fastenal by 4,838.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,659,620 shares of the company’s stock valued at $70,000 after acquiring an additional 3,585,509 shares during the last quarter. London Co. of Virginia acquired a new position in shares of Fastenal during the 4th quarter valued at about $168,189,000. Pendal Group Ltd acquired a new position in shares of Fastenal during the 4th quarter valued at about $54,984,000. Bank of New York Mellon Corp increased its stake in shares of Fastenal by 7.7% during the 4th quarter. Bank of New York Mellon Corp now owns 15,859,900 shares of the company’s stock valued at $829,314,000 after acquiring an additional 1,134,666 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Fastenal by 69.9% during the 3rd quarter. Alliancebernstein L.P. now owns 2,281,061 shares of the company’s stock valued at $132,347,000 after acquiring an additional 938,217 shares during the last quarter. 85.54% of the stock is owned by institutional investors.
FAST has been the subject of a number of research reports. Longbow Research upgraded Fastenal from a “neutral” rating to a “buy” rating and set a $63.00 target price for the company in a report on Tuesday, December 4th. They noted that the move was a valuation call. ValuEngine cut Fastenal from a “buy” rating to a “hold” rating in a report on Wednesday, December 5th. Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a report on Friday, December 14th. Morgan Stanley initiated coverage on Fastenal in a report on Tuesday, December 18th. They set an “equal weight” rating and a $55.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on Fastenal in a report on Monday, January 7th. They set a “hold” rating and a $60.00 target price for the company. Ten analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Fastenal presently has an average rating of “Hold” and a consensus price target of $57.70.
Shares of NASDAQ:FAST opened at $62.63 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 5.30 and a quick ratio of 2.37. Fastenal has a 1 year low of $47.37 and a 1 year high of $63.72. The stock has a market cap of $17.92 billion, a PE ratio of 23.72, a PEG ratio of 1.38 and a beta of 1.17.
Fastenal (NASDAQ:FAST) last issued its earnings results on Thursday, January 17th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.60. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Fastenal had a return on equity of 33.48% and a net margin of 15.14%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. As a group, sell-side analysts forecast that Fastenal will post 2.84 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, February 27th. Shareholders of record on Thursday, January 31st were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Wednesday, January 30th. This is a boost from Fastenal’s previous quarterly dividend of $0.40. Fastenal’s dividend payout ratio is currently 65.40%.
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Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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.
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