Suncoast Equity Management Buys 36,271 Shares of Fastenal Company $FAST

Suncoast Equity Management lifted its stake in shares of Fastenal Company (NASDAQ:FAST) by 43.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 119,229 shares of the company’s stock after acquiring an additional 36,271 shares during the quarter. Fastenal makes up approximately 0.6% of Suncoast Equity Management’s holdings, making the stock its 25th biggest holding. Suncoast Equity Management’s holdings in Fastenal were worth $5,847,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of FAST. Patton Fund Management Inc. bought a new position in shares of Fastenal in the 2nd quarter worth $229,000. Values First Advisors Inc. grew its stake in Fastenal by 183.0% in the second quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock valued at $394,000 after purchasing an additional 6,064 shares during the last quarter. Vanguard Group Inc. grew its stake in Fastenal by 103.5% in the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock valued at $6,265,119,000 after purchasing an additional 75,852,223 shares during the last quarter. Optas LLC raised its holdings in Fastenal by 100.2% in the second quarter. Optas LLC now owns 13,712 shares of the company’s stock worth $576,000 after purchasing an additional 6,863 shares in the last quarter. Finally, Orion Porfolio Solutions LLC lifted its position in shares of Fastenal by 127.2% during the second quarter. Orion Porfolio Solutions LLC now owns 170,492 shares of the company’s stock valued at $7,161,000 after buying an additional 95,453 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In other news, Director Sarah N. Nielsen bought 1,000 shares of the company’s stock in a transaction on Wednesday, November 19th. The stock was bought at an average cost of $39.60 per share, with a total value of $39,600.00. Following the transaction, the director directly owned 5,000 shares in the company, valued at $198,000. The trade was a 25.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the stock in a transaction on Thursday, November 13th. The shares were purchased at an average price of $49.58 per share, with a total value of $49,580.00. Following the acquisition, the director directly owned 10,000 shares in the company, valued at $495,800. This represents a 11.11% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 3,000 shares of company stock valued at $131,630. Company insiders own 0.37% of the company’s stock.

Fastenal Stock Performance

Shares of FAST stock opened at $40.13 on Friday. The business’s 50 day moving average is $41.07 and its two-hundred day moving average is $44.37. 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 $46.07 billion, a P/E ratio of 37.51, a P/E/G ratio of 3.21 and a beta of 0.90. 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 announced its earnings results on Tuesday, October 14th. The company reported $0.29 EPS 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 firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the company earned $0.26 EPS. Fastenal’s revenue was up 11.7% compared to the same quarter last year. Analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

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

Wall Street Analyst Weigh In

FAST has been the topic of a number of analyst reports. Robert W. Baird cut their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. UBS Group raised Fastenal from a “hold” rating to a “buy” rating and upped their price target for the stock from $45.00 to $52.00 in a research report on Monday, December 15th. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Barclays reduced their target price on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $48.73.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.