Nicholas Company Inc. Cuts Stake in Fastenal (NASDAQ:FAST)

Nicholas Company Inc. lowered its position in Fastenal (NASDAQ:FAST - Free Report) by 5.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,156,320 shares of the company's stock after selling 66,900 shares during the period. Fastenal accounts for approximately 1.3% of Nicholas Company Inc.'s portfolio, making the stock its 16th biggest holding. Nicholas Company Inc. owned approximately 0.20% of Fastenal worth $83,151,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FAST. Assetmark Inc. lifted its holdings in shares of Fastenal by 20.4% in the 3rd quarter. Assetmark Inc. now owns 4,307 shares of the company's stock worth $308,000 after acquiring an additional 731 shares during the last quarter. Curi RMB Capital LLC raised its position in Fastenal by 3.0% in the third quarter. Curi RMB Capital LLC now owns 34,375 shares of the company's stock valued at $2,455,000 after purchasing an additional 990 shares during the period. Metis Global Partners LLC lifted its stake in Fastenal by 5.6% during the third quarter. Metis Global Partners LLC now owns 29,243 shares of the company's stock worth $2,089,000 after purchasing an additional 1,543 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Fastenal by 8.7% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 14,928 shares of the company's stock worth $1,066,000 after buying an additional 1,195 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of Fastenal by 5.2% during the third quarter. CIBC Asset Management Inc now owns 194,438 shares of the company's stock worth $13,887,000 after buying an additional 9,668 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several research firms recently issued reports on FAST. Stifel Nicolaus cut their price objective on Fastenal from $86.00 to $82.00 and set a "hold" rating on the stock in a report on Tuesday, January 21st. Hsbc Global Res lowered shares of Fastenal from a "hold" rating to a "moderate sell" rating in a research note on Wednesday, December 11th. William Blair raised shares of Fastenal from a "market perform" rating to an "outperform" rating in a research report on Monday, March 10th. Wolfe Research upped their price objective on Fastenal from $74.00 to $76.00 and gave the stock an "underweight" rating in a research report on Thursday, January 16th. Finally, HSBC cut Fastenal from a "hold" rating to a "reduce" rating and set a $70.00 price objective on the stock. in a research note on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $76.91.

Fastenal Price Performance

Shares of NASDAQ:FAST traded up $0.30 during midday trading on Wednesday, hitting $76.39. 687,038 shares of the stock were exchanged, compared to its average volume of 2,906,768. Fastenal has a twelve month low of $61.36 and a twelve month high of $84.88. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average price of $74.90 and a 200-day moving average price of $75.46. The stock has a market cap of $43.81 billion, a P/E ratio of 38.00, a PEG ratio of 3.58 and a beta of 1.05.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.02). The business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm's revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the company earned $0.46 EPS. On average, research analysts forecast that Fastenal will post 2.15 earnings per share for the current 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 dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.25%. 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 currently 85.57%.

Fastenal Company Profile

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.