1832 Asset Management L.P. Raises Holdings in Fastenal (NASDAQ:FAST)

1832 Asset Management L.P. increased its position in Fastenal (NASDAQ:FAST) by 13.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 61,216 shares of the company’s stock after buying an additional 7,418 shares during the period. 1832 Asset Management L.P.’s holdings in Fastenal were worth $4,722,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in FAST. Hartford Financial Management Inc. raised its position in shares of Fastenal by 46.9% in the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after buying an additional 153 shares during the period. MCF Advisors LLC increased its holdings in Fastenal by 2,172.2% in the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after purchasing an additional 391 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Fastenal in the 4th quarter valued at $35,000. Criterion Capital Advisors LLC acquired a new stake in Fastenal in the 4th quarter valued at $43,000. Finally, First Horizon Advisors Inc. increased its holdings in Fastenal by 283.2% in the 4th quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock valued at $49,000 after purchasing an additional 558 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Up 2.5 %

Shares of Fastenal stock traded up $1.69 during trading hours on Friday, hitting $70.37. 2,997,479 shares of the company’s stock traded hands, compared to its average volume of 3,382,875. The stock has a 50 day simple moving average of $65.20 and a 200-day simple moving average of $68.88. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. The company has a market cap of $40.30 billion, a PE ratio of 35.01, a PEG ratio of 3.72 and a beta of 1.01. Fastenal has a twelve month low of $53.83 and a twelve month high of $79.04.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter last year, the company posted $0.52 earnings per share. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Fastenal will post 2.06 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.56 annualized dividend and a dividend yield of 2.22%. Fastenal’s payout ratio is 77.61%.

Insider Transactions at Fastenal

In other news, EVP James C. Jansen sold 11,428 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total transaction of $732,191.96. Following the transaction, the executive vice president now owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fastenal news, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction on Monday, June 10th. The shares were purchased at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at approximately $221,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James C. Jansen sold 11,428 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $64.07, for a total transaction of $732,191.96. Following the completion of the transaction, the executive vice president now directly owns 26,176 shares in the company, valued at approximately $1,677,096.32. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on FAST. Robert W. Baird lowered their price target on Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. HSBC increased their price target on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a report on Monday, April 15th. Jefferies Financial Group lowered their price target on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Stifel Nicolaus restated a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Finally, Loop Capital lowered their target price on Fastenal from $71.00 to $66.00 and set a “hold” rating for the company in a research note on Monday, April 15th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $66.67.

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.