Perigon Wealth Management LLC Takes $2.25 Million Position in Fastenal Company $FAST

Perigon Wealth Management LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 46,764 shares of the company’s stock, valued at approximately $2,246,000.

Several other hedge funds have also recently made changes to their positions in the business. Wiregrass Investment Management LLC bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $1,020,000. Swiss Life Asset Management Ltd lifted its position in Fastenal by 2.7% in the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after acquiring an additional 39,406 shares in the last quarter. Fideuram Asset Management Ireland dac purchased a new stake in Fastenal during the 4th quarter valued at $4,041,000. National Pension Service boosted its stake in Fastenal by 2.9% during the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock valued at $64,362,000 after purchasing an additional 45,260 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Fastenal by 16.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 6,820,172 shares of the company’s stock worth $273,699,000 after purchasing an additional 959,731 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In related news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.28% of the company’s stock.

Fastenal Stock Up 0.4%

FAST opened at $51.23 on Tuesday. The stock has a market cap of $58.79 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The firm’s fifty day moving average is $47.58 and its 200 day moving average is $46.17. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92.

Fastenal (NASDAQ:FAST) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 earnings per share. On average, sell-side analysts forecast that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on FAST. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Wolfe Research restated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Barclays reduced their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Finally, Morgan Stanley increased their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price 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.