Praxis Investment Management Inc. Boosts Holdings in Fastenal Company $FAST

Praxis Investment Management Inc. boosted its stake in Fastenal Company (NASDAQ:FAST) by 90.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,466 shares of the company’s stock after acquiring an additional 12,106 shares during the period. Praxis Investment Management Inc.’s holdings in Fastenal were worth $1,182,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in Fastenal during the fourth quarter valued at $496,000. Integrated Wealth Concepts LLC raised its stake in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares during the period. Quantbot Technologies LP bought a new stake in shares of Fastenal in the second quarter valued at $158,000. Jump Financial LLC purchased a new position in shares of Fastenal during the 2nd quarter valued at $2,199,000. Finally, Cary Street Partners Financial LLC grew its stake in shares of Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after acquiring an additional 1,771 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of Fastenal stock opened at $48.60 on Friday. The company’s 50-day moving average price is $45.34 and its 200-day moving average price is $44.86. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The company has a market cap of $55.79 billion, a price-to-earnings ratio of 42.63, a PEG ratio of 3.10 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the company earned $0.52 earnings per share. Fastenal’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, equities analysts expect that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is 84.21%.

Analyst Upgrades and Downgrades

FAST has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a report on Friday, March 27th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Barclays set a $46.00 target price on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, June 3rd. Bank of America boosted their price target on shares of Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Finally, Wolfe Research dropped their price target on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 14th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus price target of $47.08.

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.