Sumitomo Mitsui Trust Group Inc. Lowers Stake in Fastenal Company $FAST

Sumitomo Mitsui Trust Group Inc. cut its stake in Fastenal Company (NASDAQ:FAST) by 8.2% during the first quarter, HoldingsChannel reports. The firm owned 2,821,089 shares of the company’s stock after selling 250,372 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fastenal were worth $130,899,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC boosted its position in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares during the period. Sittner & Nelson LLC increased its position in shares of Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares during the period. Founders Capital Management LLC raised its stake in shares of Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after acquiring an additional 228 shares in the last quarter. Sound Income Strategies LLC raised its stake in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock valued at $94,000 after acquiring an additional 232 shares in the last quarter. Finally, L2 Asset Management LLC boosted its holdings in shares of Fastenal by 4.8% in the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after purchasing an additional 248 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on FAST shares. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. DA Davidson started coverage on Fastenal in a research report on Tuesday, June 16th. They set a “neutral” rating and a $46.00 price target on the stock. Morgan Stanley set a $48.00 price target on Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Sanford C. Bernstein restated an “underperform” rating and set a $42.00 price target on shares of Fastenal in a research note on Tuesday, April 14th. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $47.75.

Fastenal Stock Up 0.3%

Shares of NASDAQ FAST traded up $0.14 during midday trading on Friday, reaching $46.49. 7,590,310 shares of the company’s stock traded hands, compared to its average volume of 6,944,334. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The stock’s 50 day simple moving average is $45.55 and its 200-day simple moving average is $45.02. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The company has a market cap of $53.37 billion, a price-to-earnings ratio of 40.78, a P/E/G ratio of 2.93 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. Fastenal’s revenue for the quarter was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 earnings per share. On average, analysts predict that Fastenal Company will post 1.24 EPS for the current fiscal year.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.