13,243 Shares in Fastenal Company $FAST Purchased by Hardy Reed LLC

Hardy Reed LLC purchased a new stake in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 13,243 shares of the company’s stock, valued at approximately $636,000.

Several other institutional investors have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC grew its position in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares in the last quarter. Tandem Investment Advisors Inc. raised its holdings in Fastenal by 1.8% in the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after acquiring an additional 224 shares in the last quarter. Sittner & Nelson LLC lifted its stake in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares during the last quarter. Sound Income Strategies LLC lifted its stake in Fastenal by 12.9% in the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after acquiring an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC grew its holdings in Fastenal by 4.8% during the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after acquiring an additional 248 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 0.6%

FAST stock opened at $51.02 on Friday. The stock has a market cap of $58.55 billion, a P/E ratio of 43.24, a PEG ratio of 3.20 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The company’s 50 day moving average is $47.47 and its two-hundred day moving average is $46.10.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 EPS. Research analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. Fastenal’s payout ratio is currently 88.14%.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

FAST has been the topic of a number of analyst reports. DA Davidson restated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Weiss Ratings lowered Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Wolfe Research restated an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $49.17.

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.