Naples Global Advisors LLC Acquires 9,370 Shares of Fastenal Company $FAST

Naples Global Advisors LLC lifted its holdings in Fastenal Company (NASDAQ:FAST) by 91.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 19,590 shares of the company’s stock after buying an additional 9,370 shares during the period. Naples Global Advisors LLC’s holdings in Fastenal were worth $823,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Armstrong Advisory Group Inc. grew its stake in shares of Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after buying an additional 348 shares during the period. AdvisorNet Financial Inc grew its stake in shares of Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after buying an additional 342 shares during the period. Clean Yield Group grew its stake in shares of Fastenal by 100.0% in the 2nd quarter. Clean Yield Group now owns 696 shares of the company’s stock valued at $29,000 after buying an additional 348 shares during the period. Garde Capital Inc. grew its stake in shares of Fastenal by 4,900.0% in the 2nd quarter. Garde Capital Inc. now owns 750 shares of the company’s stock valued at $32,000 after buying an additional 735 shares during the period. Finally, SJS Investment Consulting Inc. grew its stake in shares of Fastenal by 86.3% in the 2nd quarter. SJS Investment Consulting Inc. now owns 842 shares of the company’s stock valued at $35,000 after buying an additional 390 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

Fastenal stock opened at $48.17 on Friday. Fastenal Company has a 52 week low of $34.69 and a 52 week high of $50.63. The company’s 50 day moving average price is $48.18 and its two-hundred day moving average price is $43.49. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The stock has a market cap of $55.28 billion, a P/E ratio of 46.32, a P/E/G ratio of 4.33 and a beta of 0.94.

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

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal’s dividend payout ratio (DPR) is currently 84.62%.

Wall Street Analysts Forecast Growth

FAST has been the subject of several research reports. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. Northcoast Research began coverage on Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating for the company. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. lifted their price target on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus target price of $46.82.

Insider Activity

In related news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the sale, the insider owned 11,880 shares of the company’s stock, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the sale, the chief financial officer directly owned 10,192 shares in the company, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,230 shares of company stock worth $5,288,364 in the last quarter. 0.37% of the stock is owned by corporate insiders.

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.