Wealthspire Advisors LLC Purchases 27,312 Shares of Fastenal Company $FAST

Wealthspire Advisors LLC boosted its position in Fastenal Company (NASDAQ:FAST) by 99.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 54,887 shares of the company’s stock after buying an additional 27,312 shares during the quarter. Wealthspire Advisors LLC’s holdings in Fastenal were worth $2,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in Fastenal in the 4th quarter valued at about $496,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Fastenal by 4.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 44,233 shares of the company’s stock valued at $3,430,000 after purchasing an additional 1,862 shares during the period. Crestwood Advisors Group LLC lifted its stake in shares of Fastenal by 12.2% during the 1st quarter. Crestwood Advisors Group LLC now owns 7,417 shares of the company’s stock valued at $575,000 after buying an additional 809 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich bought a new position in Fastenal in the 1st quarter worth approximately $7,497,000. Finally, KLP Kapitalforvaltning AS grew its stake in Fastenal by 3.9% in the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock valued at $15,180,000 after buying an additional 7,400 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $39.55 on Thursday. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The company has a market cap of $45.40 billion, a PE ratio of 36.96, a price-to-earnings-growth ratio of 3.75 and a beta of 0.92. The stock has a 50-day moving average price of $44.24 and a 200-day moving average price of $44.39.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the business earned $0.26 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, equities analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s payout ratio is currently 82.24%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Sanford C. Bernstein began coverage on Fastenal in a report on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 price target for the company. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Northcoast Research initiated coverage on Fastenal in a report on Thursday, August 21st. They set a “neutral” rating for the company. Wolfe Research upgraded Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price target on the stock in a research report on Thursday, November 13th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $46.32.

Insider Transactions at Fastenal

In other news, Director Hsenghung Sam Hsu bought 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, November 13th. The shares were acquired at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the purchase, the director directly owned 10,000 shares in the company, valued at $495,800. The trade was a 11.11% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.37% of the company’s stock.

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.