Manitou Investment Management Ltd. Has $33,000 Stock Position in Fastenal Company $FAST

Manitou Investment Management Ltd. grew its position in Fastenal Company (NASDAQ:FAST) by 100.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 784 shares of the company’s stock after buying an additional 392 shares during the quarter. Manitou Investment Management Ltd.’s holdings in Fastenal were worth $33,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Apollon Wealth Management LLC boosted its holdings in shares of Fastenal by 97.8% in the second quarter. Apollon Wealth Management LLC now owns 38,317 shares of the company’s stock worth $1,609,000 after buying an additional 18,945 shares during the period. Hemington Wealth Management boosted its holdings in shares of Fastenal by 135.9% in the second quarter. Hemington Wealth Management now owns 1,005 shares of the company’s stock worth $42,000 after buying an additional 579 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Fastenal by 96.8% in the second quarter. Fifth Third Wealth Advisors LLC now owns 15,814 shares of the company’s stock worth $664,000 after buying an additional 7,780 shares during the period. Van Strum & Towne Inc. boosted its holdings in shares of Fastenal by 100.0% in the second quarter. Van Strum & Towne Inc. now owns 5,300 shares of the company’s stock worth $223,000 after buying an additional 2,650 shares during the period. Finally, PrairieView Partners LLC boosted its holdings in shares of Fastenal by 98.3% in the second quarter. PrairieView Partners LLC now owns 7,024 shares of the company’s stock worth $295,000 after buying an additional 3,482 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 in the last ninety days. Insiders own 0.37% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $45.78 on Friday. The firm has a market cap of $52.54 billion, a PE ratio of 44.02, a PEG ratio of 4.15 and a beta of 0.94. The firm’s 50 day moving average price is $48.26 and its 200 day moving average price is $43.91. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

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

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. Fastenal’s payout ratio is presently 84.62%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FAST. Stephens increased their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Barclays began coverage on shares of Fastenal in a research report on Tuesday. They issued a “positive” rating and a $49.00 price target for the company. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $47.41.

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.