Flputnam Investment Management Co. Increases Stock Holdings in Fastenal Company $FAST

Flputnam Investment Management Co. increased its stake in shares of Fastenal Company (NASDAQ:FAST) by 797.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 75,974 shares of the company’s stock after acquiring an additional 67,510 shares during the quarter. Flputnam Investment Management Co.’s holdings in Fastenal were worth $3,649,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FAST. Brighton Jones LLC purchased a new stake in shares of Fastenal in the fourth quarter valued at about $496,000. Integrated Wealth Concepts LLC lifted 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 valued at $487,000 after purchasing an additional 147 shares in the last quarter. Quantbot Technologies LP purchased a new position in Fastenal during the second quarter worth about $158,000. Jump Financial LLC purchased a new position in Fastenal during the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC grew its position in Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after purchasing an additional 1,771 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated 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 in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction that occurred on 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 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 position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Fastenal Stock Performance

Shares of FAST opened at $49.78 on Monday. Fastenal Company has a 1 year low of $38.97 and a 1 year 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 fifty day moving average price is $48.45 and its two-hundred day moving average price is $46.50. The firm has a market cap of $57.12 billion, a PE ratio of 42.19, a PEG ratio of 3.11 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the company earned $0.29 EPS. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities research analysts forecast that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were given 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 2.1%. The ex-dividend date was Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wolfe Research reaffirmed an “underperform” rating and set a $47.00 target price on shares of Fastenal in a research report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average 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.