21,569 Shares in Fastenal Company $FAST Acquired by Summit Wealth Group LLC Co.

Summit Wealth Group LLC Co. bought a new position in Fastenal Company (NASDAQ:FAST) during the third quarter, Holdings Channel.com reports. The fund bought 21,569 shares of the company’s stock, valued at approximately $1,068,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Integrated Advisors Network LLC boosted its holdings in Fastenal by 3.9% during the third quarter. Integrated Advisors Network LLC now owns 5,548 shares of the company’s stock worth $275,000 after buying an additional 208 shares in the last quarter. High Net Worth Advisory Group LLC increased its holdings in shares of Fastenal by 2.4% in the second quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company’s stock valued at $433,000 after buying an additional 214 shares in the last quarter. Tandem Investment Advisors Inc. increased its holdings in shares of Fastenal by 1.8% in the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after buying an additional 224 shares in the last quarter. Sound Income Strategies LLC increased its holdings in shares of Fastenal by 12.9% in the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock valued at $94,000 after buying an additional 232 shares in the last quarter. Finally, Pure Financial Advisors LLC lifted its position in shares of Fastenal by 3.4% during the 2nd quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company’s stock valued at $344,000 after acquiring an additional 235 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FAST shares. Sanford C. Bernstein reissued an “underperform” rating and set a $47.00 price objective (up from $42.00) on shares of Fastenal in a research note on Thursday, October 15th. William Blair restated an “outperform” rating on shares of Fastenal in a report on Friday, September 4th. Weiss Ratings raised Fastenal from a “buy (b)” rating to a “buy (b+)” rating in a research report on Wednesday, October 28th. Wolfe Research started coverage on Fastenal in a report on Tuesday, September 15th. They set an “underperform” rating and a $51.00 target price for the company. Finally, DA Davidson set a $51.00 target price on Fastenal and gave the company a “neutral” rating in a report on Tuesday, October 13th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $51.46.

Fastenal Stock Performance

Fastenal stock opened at $52.33 on Wednesday. The firm’s 50 day simple moving average is $50.52 and its 200-day simple moving average is $47.29. The company has a market cap of $60.04 billion, a P/E ratio of 42.20, a price-to-earnings-growth ratio of 3.15 and a beta of 0.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.93 and a quick ratio of 2.11. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $53.30.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.44 billion. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. The firm’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 earnings per share. As a group, equities research analysts predict that Fastenal Company will post 1.27 EPS for the current year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, October 28th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, October 28th. Fastenal’s payout ratio is presently 83.87%.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.