Pinnacle West Asset Management Inc. Buys Shares of 3,025 Fastenal (NASDAQ:FAST)

Pinnacle West Asset Management Inc. bought a new stake in Fastenal (NASDAQ:FAST) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,025 shares of the company’s stock, valued at approximately $218,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. State Street Corp raised its stake in shares of Fastenal by 5.1% during the third quarter. State Street Corp now owns 27,989,485 shares of the company’s stock valued at $1,999,009,000 after purchasing an additional 1,346,863 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Fastenal by 3.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 19,878,045 shares of the company’s stock valued at $1,419,690,000 after purchasing an additional 608,596 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Fastenal by 5.6% during the third quarter. Geode Capital Management LLC now owns 16,683,751 shares of the company’s stock valued at $1,188,251,000 after purchasing an additional 880,372 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fastenal by 5.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,718,200 shares of the company’s stock valued at $336,974,000 after purchasing an additional 226,126 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of Fastenal by 3.8% during the third quarter. Franklin Resources Inc. now owns 4,572,999 shares of the company’s stock valued at $350,703,000 after purchasing an additional 165,423 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FAST shares. HSBC lowered Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 target price on the stock. in a report on Wednesday, December 11th. Jefferies Financial Group lifted their target price on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Hsbc Global Res lowered Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. Stifel Nicolaus lowered their target price on Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Finally, UBS Group started coverage on Fastenal in a report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and a consensus price target of $76.91.

Fastenal Trading Down 0.2 %

NASDAQ:FAST opened at $74.60 on Wednesday. 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 has a fifty-two week low of $61.36 and a fifty-two week high of $84.88. The stock’s 50-day moving average is $74.09 and its two-hundred day moving average is $74.54. The stock has a market cap of $42.78 billion, a PE ratio of 37.11, a price-to-earnings-growth ratio of 3.58 and a beta of 1.02.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.02). Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period last year, the firm earned $0.46 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, equities research analysts forecast that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 2.31%. This is a positive change from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, January 31st. Fastenal’s payout ratio is currently 85.57%.

Fastenal 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.