Suncoast Equity Management Acquires 1,285 Shares of Fastenal (NASDAQ:FAST)

Suncoast Equity Management grew its stake in Fastenal (NASDAQ:FAST) by 10.9% during the 4th quarter, HoldingsChannel reports. The firm owned 13,110 shares of the company’s stock after acquiring an additional 1,285 shares during the quarter. Suncoast Equity Management’s holdings in Fastenal were worth $943,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FAST. King Luther Capital Management Corp boosted its stake in Fastenal by 1.6% in the 3rd quarter. King Luther Capital Management Corp now owns 8,664 shares of the company’s stock valued at $619,000 after buying an additional 136 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in shares of Fastenal by 1.9% during the third quarter. Verdence Capital Advisors LLC now owns 7,628 shares of the company’s stock valued at $545,000 after acquiring an additional 142 shares during the period. HB Wealth Management LLC boosted its stake in shares of Fastenal by 1.2% in the 4th quarter. HB Wealth Management LLC now owns 11,674 shares of the company’s stock valued at $840,000 after purchasing an additional 142 shares in the last quarter. Catalina Capital Group LLC grew its holdings in shares of Fastenal by 4.5% in the 3rd quarter. Catalina Capital Group LLC now owns 3,359 shares of the company’s stock worth $240,000 after purchasing an additional 146 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of Fastenal by 1.8% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 9,137 shares of the company’s stock worth $653,000 after purchasing an additional 165 shares in the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FAST has been the topic of a number of recent analyst reports. Hsbc Global Res lowered shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. HSBC downgraded 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. Wolfe Research increased their price target on Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Stifel Nicolaus cut their price objective on Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a research 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 investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $76.91.

Fastenal Trading Down 0.6 %

Shares of FAST opened at $75.14 on Friday. The stock’s fifty day simple moving average is $74.37 and its 200-day simple moving average is $74.23. The firm has a market capitalization of $43.09 billion, a PE ratio of 37.38, a price-to-earnings-growth ratio of 3.57 and a beta of 1.02. Fastenal has a 12-month low of $61.36 and a 12-month high of $84.88. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, January 17th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $1.84 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts predict that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, January 31st will be paid a $0.43 dividend. The ex-dividend date is Friday, January 31st. This is a boost from Fastenal’s previous quarterly dividend of $0.39. This represents a $1.72 dividend on an annualized basis and a yield of 2.29%. Fastenal’s dividend payout ratio (DPR) is presently 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.