Welch & Forbes LLC Boosts Stock Holdings in Fastenal Company $FAST

Welch & Forbes LLC increased its position in Fastenal Company (NASDAQ:FAST) by 99.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 65,884 shares of the company’s stock after acquiring an additional 32,892 shares during the period. Welch & Forbes LLC’s holdings in Fastenal were worth $2,767,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FAST. Riverview Trust Co lifted its holdings in shares of Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares in the last quarter. Hilltop National Bank purchased a new position in Fastenal in the 2nd quarter worth about $27,000. Private Wealth Management Group LLC raised its position in Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares during the last quarter. Armstrong Advisory Group Inc. lifted its stake in Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares during the period. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after acquiring an additional 342 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FAST has been the subject of several research reports. Robert W. Baird decreased their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. upped their price objective on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $46.50.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the company’s stock in a transaction that occurred on Friday, August 15th. The stock was 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 directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The shares were bought at an average price of $42.45 per share, with a total value of $42,450.00. Following the transaction, the director owned 9,000 shares of the company’s stock, valued at $382,050. The trade was a 12.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 90,178 shares of company stock valued at $4,336,603 over the last three months. Insiders own 0.37% of the company’s stock.

Fastenal Trading Down 1.0%

Fastenal stock opened at $41.15 on Monday. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The firm has a market capitalization of $47.24 billion, a price-to-earnings ratio of 38.46, a P/E/G ratio of 3.75 and a beta of 0.94. The firm has a 50 day moving average of $46.47 and a 200 day moving average of $44.39. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 earnings per share. As a group, research analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

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.