26,716 Shares in Fastenal Company $FAST Bought by Fortress Financial Group LLC

Fortress Financial Group LLC acquired a new position in Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 26,716 shares of the company’s stock, valued at approximately $1,283,000.

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

Wall Street Analysts Forecast Growth

FAST has been the subject of a number of research reports. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research reissued an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Morgan Stanley raised their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. 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, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $49.17.

Fastenal Stock Performance

FAST opened at $51.26 on Friday. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The firm has a market cap of $58.82 billion, a PE ratio of 43.44, a P/E/G ratio of 3.20 and a beta of 0.72. The business has a fifty day simple moving average of $47.96 and a 200-day simple moving average of $46.37. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92.

Fastenal (NASDAQ:FAST) last announced its 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 return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the firm earned $0.29 earnings per share. Fastenal’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, equities analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company 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 dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s payout ratio is currently 88.14%.

Insider Activity

In related news, Director Michael J. Ancius sold 3,000 shares of the firm’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 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction that occurred 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 transaction, the director 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 disclosure for this sale is available in the SEC filing. Company insiders own 0.28% of the company’s stock.

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.