Fiduciary Financial Advisors Invests $501,000 in Fastenal Company $FAST

Fiduciary Financial Advisors bought a new position in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 10,435 shares of the company’s stock, valued at approximately $501,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FAST. BlackRock Inc. purchased a new position in shares of Fastenal in the 2nd quarter valued at $5,105,454,000. State Street Corp boosted its position in Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock worth $2,196,502,000 after purchasing an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock worth $1,898,031,000 after purchasing an additional 919,158 shares during the period. Geode Capital Management LLC increased its holdings in Fastenal by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares in the last quarter. Finally, Invesco Ltd. raised its position in Fastenal by 14.0% in the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the company’s 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 sale, the director owned 20,000 shares in the company, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The stock was 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. The trade was a 4.86% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company’s stock.

Fastenal Trading Up 0.0%

NASDAQ:FAST opened at $51.28 on Tuesday. The stock has a market cap of $58.84 billion, a price-to-earnings ratio of 43.46, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. 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 business’s 50-day simple moving average is $48.06 and its 200 day simple moving average is $46.41.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. As a group, sell-side analysts predict 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. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research note on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.