Pinnbrook Capital Management LP Invests $3.27 Million in Fastenal Company $FAST

Pinnbrook Capital Management LP purchased a new position in shares of Fastenal Company (NASDAQ:FAST) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 66,713 shares of the company’s stock, valued at approximately $3,272,000.

Other hedge funds also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. lifted its stake in Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after purchasing an additional 255 shares during the last quarter. REAP Financial Group LLC bought a new position in shares of Fastenal during the third quarter valued at approximately $30,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Fastenal in the second quarter worth approximately $27,000. First Horizon Corp bought a new stake in shares of Fastenal during the 3rd quarter worth approximately $33,000. Finally, Financial Perspectives Inc lifted its stake in shares of Fastenal by 414.0% during the 3rd quarter. Financial Perspectives Inc now owns 699 shares of the company’s stock worth $34,000 after acquiring an additional 563 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Trading Up 0.5%

Shares of NASDAQ FAST opened at $45.46 on Friday. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $44.91 and a two-hundred day simple moving average of $44.18. The firm has a market cap of $52.20 billion, a PE ratio of 41.33, a price-to-earnings-growth ratio of 2.88 and a beta of 0.88. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

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

Fastenal Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on FAST shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Robert W. Baird lifted their target price on Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, March 6th. Barclays boosted their target price on shares of Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Friday, March 6th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Raymond James Financial set a $48.00 price objective on shares of Fastenal in a report on Thursday, March 5th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $48.83.

Insider Activity

In other Fastenal news, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction dated Friday, January 23rd. The shares were 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 approximately $2,209,500. This trade represents a 24.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by corporate insiders.

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.