Financial Consulate Inc. boosted its stake in shares of Fastenal (NASDAQ:FAST) by 101.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,994 shares of the company’s stock after acquiring an additional 5,028 shares during the quarter. Financial Consulate Inc.’s holdings in Fastenal were worth $326,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of FAST. Confluence Investment Management LLC lifted its position in Fastenal by 98.3% during the 2nd quarter. Confluence Investment Management LLC now owns 3,591,836 shares of the company’s stock worth $117,058,000 after acquiring an additional 1,780,660 shares during the period. Thoroughbred Financial Services LLC lifted its position in Fastenal by 6,744.2% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,581,902 shares of the company’s stock worth $158,190,000 after acquiring an additional 1,558,789 shares during the period. Riverbridge Partners LLC lifted its position in Fastenal by 91.0% during the 2nd quarter. Riverbridge Partners LLC now owns 3,053,420 shares of the company’s stock worth $99,511,000 after acquiring an additional 1,454,579 shares during the period. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV lifted its position in Fastenal by 100.0% during the 2nd quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 2,000,000 shares of the company’s stock worth $65,180,000 after acquiring an additional 1,000,000 shares during the period. Finally, Marathon Asset Management LLP lifted its position in Fastenal by 112.5% during the 2nd quarter. Marathon Asset Management LLP now owns 1,751,542 shares of the company’s stock worth $57,081,000 after acquiring an additional 927,152 shares during the period. 85.36% of the stock is owned by institutional investors.
A number of analysts have weighed in on FAST shares. Buckingham Research decreased their price objective on Fastenal from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. William Blair cut Fastenal from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 7th. Northcoast Research cut Fastenal from a “buy” rating to a “neutral” rating in a research report on Monday, April 15th. They noted that the move was a valuation call. ValuEngine cut Fastenal from a “sell” rating to a “strong sell” rating in a report on Thursday, May 23rd. Finally, BidaskClub raised Fastenal from a “strong sell” rating to a “sell” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.36.
In related news, CAO Sheryl Ann Lisowski sold 9,166 shares of Fastenal stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $64.22, for a total transaction of $588,640.52. Following the completion of the transaction, the chief accounting officer now directly owns 9,466 shares of the company’s stock, valued at $607,906.52. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael J. Ancius acquired 1,104 shares of Fastenal stock in a transaction that occurred on Thursday, July 18th. The shares were purchased at an average cost of $30.13 per share, with a total value of $33,263.52. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.
Shares of FAST traded down $0.01 during mid-day trading on Friday, hitting $29.62. The company’s stock had a trading volume of 5,695,920 shares, compared to its average volume of 5,431,485. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.68 and a quick ratio of 2.13. The business has a 50-day moving average of $31.59. The stock has a market capitalization of $16.99 billion, a price-to-earnings ratio of 22.44, a P/E/G ratio of 1.34 and a beta of 1.22. Fastenal has a 1-year low of $24.00 and a 1-year high of $35.94.
Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Thursday, July 11th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.38 billion. Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.37 earnings per share. Sell-side analysts anticipate that Fastenal will post 1.38 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, July 25th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $0.88 annualized dividend and a dividend yield of 2.97%. Fastenal’s dividend payout ratio is currently 66.67%.
Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.
Read More: Why do analysts give a neutral rating?
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