Canandaigua National Bank & Trust Co. Raises Stock Holdings in Fastenal Company $FAST

Canandaigua National Bank & Trust Co. lifted its holdings in Fastenal Company (NASDAQ:FAST) by 84.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,057 shares of the company’s stock after buying an additional 10,104 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Fastenal were worth $926,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. RMR Wealth Builders raised its holdings in shares of Fastenal by 101.2% in the second quarter. RMR Wealth Builders now owns 16,448 shares of the company’s stock worth $691,000 after buying an additional 8,272 shares during the period. Legacy Private Trust Co. raised its holdings in shares of Fastenal by 100.0% in the second quarter. Legacy Private Trust Co. now owns 5,314 shares of the company’s stock worth $223,000 after buying an additional 2,657 shares during the period. E. Ohman J or Asset Management AB raised its holdings in shares of Fastenal by 100.0% in the second quarter. E. Ohman J or Asset Management AB now owns 47,600 shares of the company’s stock worth $1,999,000 after buying an additional 23,800 shares during the period. Parallel Advisors LLC raised its holdings in shares of Fastenal by 108.9% in the second quarter. Parallel Advisors LLC now owns 28,949 shares of the company’s stock worth $1,216,000 after buying an additional 15,091 shares during the period. Finally, Wealth Alliance Advisory Group LLC raised its holdings in shares of Fastenal by 19.5% in the second quarter. Wealth Alliance Advisory Group LLC now owns 6,514 shares of the company’s stock worth $274,000 after buying an additional 1,065 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Trading Up 0.7%

Shares of NASDAQ:FAST opened at $47.76 on Tuesday. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63. The business’s fifty day simple moving average is $47.52 and its 200-day simple moving average is $42.68. The company has a market capitalization of $54.81 billion, a PE ratio of 45.92, a P/E/G ratio of 4.32 and a beta of 0.97. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the business posted $0.25 EPS. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were issued a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. Fastenal’s dividend payout ratio (DPR) is currently 84.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FAST shares. Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. JPMorgan Chase & Co. raised their price objective on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Stephens raised their price objective on Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. Finally, Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.82.

Insider Buying and Selling

In other news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is owned by insiders.

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.