Sound Financial Strategies Group LLC Acquires 10,158 Shares of Fastenal Company $FAST

Sound Financial Strategies Group LLC boosted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 103.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,016 shares of the company’s stock after buying an additional 10,158 shares during the quarter. Sound Financial Strategies Group LLC’s holdings in Fastenal were worth $841,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. 1248 Management LLC purchased a new stake in shares of Fastenal in the 1st quarter worth $36,000. Riverview Trust Co lifted its position in shares of Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after buying an additional 292 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Fastenal during the 1st quarter valued at approximately $49,000. Private Wealth Management Group LLC increased its holdings 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 acquiring an additional 339 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in Fastenal during the 2nd quarter worth approximately $27,000. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FAST. Loop Capital reissued a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted 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. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They set a “neutral” rating for the company. Finally, Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.50.

Fastenal Price Performance

NASDAQ:FAST opened at $40.77 on Friday. The business’s 50-day moving average is $45.75 and its 200 day moving average is $44.35. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a market capitalization of $46.81 billion, a P/E ratio of 38.10, a P/E/G ratio of 3.75 and a beta of 0.92. 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 released its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share (EPS) 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 was up 11.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 EPS. On average, equities research analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is presently 82.24%.

Insider Transactions at Fastenal

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the firm’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 sale, the executive vice president directly owned 11,994 shares of the company’s stock, valued at $583,747.98. This trade represents a 36.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the business’s stock in a transaction dated Thursday, October 16th. The shares were bought at an average cost of $42.45 per share, for a total transaction of $42,450.00. Following the transaction, the director owned 9,000 shares in the company, valued at approximately $382,050. The trade was a 12.50% increase in their position. The SEC filing for this purchase provides additional information. 0.37% of the stock is currently owned by company 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.