Corebridge Financial Inc. Lowers Position in Fastenal (NASDAQ:FAST)

Corebridge Financial Inc. lowered its position in shares of Fastenal (NASDAQ:FAST - Free Report) by 1.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 183,883 shares of the company's stock after selling 3,271 shares during the period. Corebridge Financial Inc.'s holdings in Fastenal were worth $13,223,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Fastenal by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 72,300,792 shares of the company's stock worth $5,199,150,000 after purchasing an additional 592,583 shares during the last quarter. State Street Corp raised its position in Fastenal by 5.1% in the 3rd quarter. State Street Corp now owns 27,989,485 shares of the company's stock worth $1,999,009,000 after buying an additional 1,346,863 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Fastenal by 4.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 20,765,044 shares of the company's stock valued at $1,493,214,000 after acquiring an additional 886,999 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Fastenal by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company's stock valued at $1,188,251,000 after acquiring an additional 880,372 shares during the last quarter. Finally, Cantillon Capital Management LLC boosted its holdings in shares of Fastenal by 0.5% during the 4th quarter. Cantillon Capital Management LLC now owns 4,931,928 shares of the company's stock valued at $354,655,000 after acquiring an additional 26,254 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

FAST has been the subject of several research reports. Stifel Nicolaus decreased their price objective on shares of Fastenal from $86.00 to $82.00 and set a "hold" rating for the company in a report on Tuesday, January 21st. Wolfe Research boosted their target price on shares of Fastenal from $74.00 to $76.00 and gave the company an "underweight" rating in a research note on Thursday, January 16th. HSBC downgraded Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price target on the stock. in a research note on Wednesday, December 11th. William Blair upgraded Fastenal from a "market perform" rating to an "outperform" rating in a research report on Monday, March 10th. Finally, Hsbc Global Res cut Fastenal from a "hold" rating to a "moderate sell" rating in a research report on Wednesday, December 11th. Two 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's stock. According to data from MarketBeat, Fastenal has a consensus rating of "Hold" and an average price target of $76.91.

Fastenal Stock Performance

Shares of NASDAQ:FAST traded down $1.56 during mid-day trading on Friday, reaching $76.17. 2,689,065 shares of the company traded hands, compared to its average volume of 3,059,682. The company's 50 day moving average price is $75.35 and its 200-day moving average price is $75.98. The firm has a market cap of $43.68 billion, a PE ratio of 37.90, a PEG 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 company has a debt-to-equity ratio of 0.03, a current ratio of 4.67 and a quick ratio of 2.28.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.48 by ($0.02). The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.84 billion. Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The business's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.46 earnings per share. On average, equities analysts expect that Fastenal will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, January 31st were paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Friday, January 31st. This is a positive change from Fastenal's previous quarterly dividend of $0.39. Fastenal's dividend payout ratio is presently 85.57%.

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.