Ironwood Investment Counsel LLC Has $347,000 Stock Position in Fastenal Company $FAST

Ironwood Investment Counsel LLC lifted its position in shares of Fastenal Company (NASDAQ:FAST) by 71.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,262 shares of the company’s stock after purchasing an additional 3,446 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Fastenal were worth $347,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp lifted its position in Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock worth $1,463,743,000 after purchasing an additional 16,308,254 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Fastenal by 103.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock worth $408,849,000 after acquiring an additional 4,950,503 shares during the period. Cantillon Capital Management LLC lifted its holdings in shares of Fastenal by 94.4% during the 2nd quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock worth $390,517,000 after acquiring an additional 4,513,985 shares during the period. Blair William & Co. IL boosted its position in shares of Fastenal by 107.2% during the 2nd quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock valued at $286,565,000 after acquiring an additional 3,530,339 shares in the last quarter. Finally, Provident Trust Co. increased its stake in Fastenal by 98.9% in the second quarter. Provident Trust Co. now owns 5,379,291 shares of the company’s stock valued at $225,930,000 after acquiring an additional 2,674,765 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Trading Down 0.7%

Shares of FAST opened at $40.97 on Thursday. The stock has a fifty day moving average price of $45.08 and a two-hundred day moving average price of $44.40. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a market cap of $47.04 billion, a price-to-earnings ratio of 38.29, a PEG ratio of 3.75 and a beta of 0.92.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the company posted $0.26 EPS. Fastenal’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid 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 2.1%. Fastenal’s payout ratio is currently 82.24%.

Insider Buying and Selling

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The shares were 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 owned 11,994 shares of the company’s stock, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 16th. The stock was bought at an average price of $42.45 per share, with a total value of $42,450.00. Following the transaction, the director directly owned 9,000 shares in the company, valued at $382,050. The trade was a 12.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 0.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FAST shares. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Robert W. Baird cut their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. JPMorgan Chase & Co. upped their price target on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Northcoast Research started coverage on shares of Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating on the stock. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus price target of $45.95.

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.