Newbridge Financial Services Group Inc. Purchases 14,620 Shares of Fastenal Company $FAST

Newbridge Financial Services Group Inc. boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 90.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,715 shares of the company’s stock after purchasing an additional 14,620 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Fastenal were worth $1,506,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FAST. Vanguard Group Inc. raised its holdings in Fastenal by 103.5% in the second quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock worth $6,265,119,000 after purchasing an additional 75,852,223 shares during the period. State Street Corp grew its holdings in shares of Fastenal by 99.6% in the 2nd quarter. State Street Corp now owns 54,317,385 shares of the company’s stock valued at $2,281,330,000 after buying an additional 27,107,520 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Fastenal by 103.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 45,995,937 shares of the company’s stock valued at $1,931,830,000 after buying an additional 23,380,022 shares in the last quarter. Norges Bank bought a new stake in shares of Fastenal in the 2nd quarter valued at $638,648,000. Finally, Invesco Ltd. increased its position in shares of Fastenal by 141.9% in the 2nd quarter. Invesco Ltd. now owns 15,973,759 shares of the company’s stock valued at $670,898,000 after buying an additional 9,370,909 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Up 0.5%

Fastenal stock opened at $45.46 on Friday. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a fifty day simple moving average of $44.91 and a 200 day simple moving average of $44.18. The company has a market cap of $52.20 billion, a P/E ratio of 41.33, a price-to-earnings-growth ratio of 2.88 and a beta of 0.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the previous year, the firm posted $0.46 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, January 29th. This is a boost from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s dividend payout ratio is currently 87.27%.

Insider Activity at Fastenal

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total transaction of $705,449.16. Following the transaction, the director owned 50,000 shares of the company’s stock, valued at $2,209,500. The trade was a 24.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Reyne K. Wisecup sold 36,920 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the sale, the director owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Raymond James Financial set a $48.00 price target on Fastenal in a report on Thursday, March 5th. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Robert W. Baird lifted their price objective on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Finally, Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the company a “buy” rating in a research report on Monday, December 15th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average target price of $48.83.

About Fastenal

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.