TriaGen Wealth Management LLC Purchases 21,530 Shares of Fastenal Company $FAST

TriaGen Wealth Management LLC lifted its position in Fastenal Company (NASDAQ:FAST) by 83.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,396 shares of the company’s stock after buying an additional 21,530 shares during the period. TriaGen Wealth Management LLC’s holdings in Fastenal were worth $1,991,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Fenimore Asset Management Inc increased its holdings in shares of Fastenal by 101.0% in the second quarter. Fenimore Asset Management Inc now owns 3,747,704 shares of the company’s stock worth $157,404,000 after acquiring an additional 1,883,419 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares in the last quarter. Congress Asset Management Co. acquired a new position in shares of Fastenal in the 2nd quarter valued at approximately $73,733,000. Confluence Investment Management LLC grew its position in shares of Fastenal by 97.5% in the 2nd quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company’s stock valued at $137,760,000 after purchasing an additional 1,619,507 shares during the period. Finally, Nuveen LLC bought a new stake in Fastenal during the 1st quarter worth approximately $119,136,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the topic of a number of research reports. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. Stifel Nicolaus set a $82.00 target price on Fastenal in a report on Thursday, July 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.25.

Fastenal Stock Performance

FAST opened at $47.78 on Tuesday. The business’s 50-day simple moving average is $48.20 and its 200 day simple moving average is $43.71. Fastenal Company has a 52-week low of $34.69 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The firm has a market capitalization of $54.83 billion, a PE ratio of 45.94, a PEG ratio of 4.34 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share 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 firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the company earned $0.25 earnings per share. The business’s revenue was up 8.6% compared to the same quarter last year. As a group, sell-side analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Tuesday, July 29th. Fastenal’s payout ratio is presently 84.62%.

Insider Activity

In other news, insider Jeffery Michael Watts sold 48,724 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the company’s stock in a transaction dated Thursday, July 17th. The shares were 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 approximately $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is owned by insiders.

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.