Hsbc Holdings PLC Acquires 1,243,583 Shares of Fastenal Company $FAST

Hsbc Holdings PLC increased its holdings in Fastenal Company (NASDAQ:FAST) by 35.0% during the second quarter, Holdings Channel reports. The firm owned 4,795,323 shares of the company’s stock after acquiring an additional 1,243,583 shares during the quarter. Hsbc Holdings PLC’s holdings in Fastenal were worth $230,169,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FAST. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Fastenal in the second quarter worth $26,000. Evergreen Advisors LLC purchased a new position in Fastenal during the first quarter valued at $26,000. Palladiem LLC purchased a new position in Fastenal during the fourth quarter valued at $25,000. Elyxium Wealth LLC bought a new stake in Fastenal in the 4th quarter valued at $25,000. Finally, MV Capital Management Inc. bought a new stake in Fastenal in the 4th quarter valued at $29,000. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Rita Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on FAST. Barclays dropped their price objective on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. William Blair reissued an “outperform” rating on shares of Fastenal in a research note on Friday. Finally, Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $49.17.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $49.60 on Monday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The stock has a market capitalization of $56.92 billion, a P/E ratio of 42.03, a PEG ratio of 3.09 and a beta of 0.72. The firm has a fifty day simple moving average of $48.71 and a two-hundred day simple moving average of $46.59. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the firm posted $0.29 EPS. The business’s quarterly revenue was up 14.7% on a year-over-year basis. On average, analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is presently 88.14%.

About Fastenal

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.