Empirical Asset Management LLC Buys New Shares in Fastenal Company $FAST

Empirical Asset Management LLC purchased a new position in Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 14,224 shares of the company’s stock, valued at approximately $683,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the 4th quarter worth $25,000. Palladiem LLC acquired a new stake in shares of Fastenal during the fourth quarter worth $25,000. Evergreen Advisors LLC acquired a new stake in shares of Fastenal during the first quarter worth $26,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Fastenal during the second quarter valued at $26,000. Finally, MV Capital Management Inc. purchased a new stake in shares of Fastenal during the fourth quarter valued at $29,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Buying and Selling at Fastenal

In related news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction 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 sale, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Fastenal Trading Up 0.1%

NASDAQ:FAST opened at $51.27 on Wednesday. The stock has a market cap of $58.83 billion, a PE ratio of 43.45, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The stock’s 50-day moving average is $47.67 and its two-hundred day moving average is $46.22.

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

Fastenal Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Morgan Stanley lifted their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. DA Davidson reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research restated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Finally, Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal 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.