Skandinaviska Enskilda Banken AB publ Reduces Position in Fastenal Company $FAST

Skandinaviska Enskilda Banken AB publ reduced its stake in shares of Fastenal Company (NASDAQ:FAST) by 5.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 226,151 shares of the company’s stock after selling 13,755 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Fastenal were worth $11,089,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Fastenal by 1.6% during the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after purchasing an additional 2,346,045 shares during the period. National Pension Service lifted its stake in Fastenal by 3.6% in the 3rd quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after purchasing an additional 53,888 shares during the last quarter. Nordea Investment Management AB grew its position in Fastenal by 6.3% during the 3rd quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock worth $181,626,000 after acquiring an additional 219,154 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Fastenal by 7,923.2% during the third quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock worth $62,222,000 after purchasing an additional 1,252,981 shares during the last quarter. Finally, Arjuna Capital bought a new position in shares of Fastenal during the third quarter valued at $3,999,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 0.6%

FAST stock opened at $45.98 on Thursday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The company has a market capitalization of $52.79 billion, a PE ratio of 41.80, a price-to-earnings-growth ratio of 2.91 and a beta of 0.89. The company’s 50 day moving average price is $43.40 and its two-hundred day moving average price is $44.43. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same period in the prior year, the business posted $0.46 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. As a group, analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Thursday, January 29th. This is a boost from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. Fastenal’s payout ratio is 87.27%.

Insider Buying and Selling at Fastenal

In other news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FAST. Wolfe Research cut their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Robert W. Baird lifted their price objective on Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $48.18.

Fastenal 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.