Callan Family Office LLC Invests $947,000 in Fastenal Company $FAST

Callan Family Office LLC purchased a new position in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 22,547 shares of the company’s stock, valued at approximately $947,000.

Other large investors also recently modified their holdings of the company. Patton Fund Management Inc. bought a new position in shares of Fastenal in the 2nd quarter worth about $229,000. Charles Schwab Investment Management Inc. lifted its position in Fastenal by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. Picton Mahoney Asset Management lifted its position in Fastenal by 7.5% in the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock valued at $14,074,000 after purchasing an additional 12,721 shares during the last quarter. KLP Kapitalforvaltning AS lifted its position in Fastenal by 3.9% in the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock valued at $15,180,000 after purchasing an additional 7,400 shares during the last quarter. Finally, Raiffeisen Bank International AG lifted its position in Fastenal by 21.5% in the 1st quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company’s stock valued at $2,712,000 after purchasing an additional 6,303 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Down 2.0%

FAST stock opened at $45.78 on Monday. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a market capitalization of $52.54 billion, a price-to-earnings ratio of 44.02, a price-to-earnings-growth ratio of 4.15 and a beta of 0.94. The firm’s 50-day moving average is $48.26 and its two-hundred day moving average is $43.94. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the firm earned $0.25 EPS. Fastenal’s revenue was up 8.6% on a year-over-year basis. On average, analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Fastenal’s payout ratio is currently 84.62%.

Insider Buying and Selling at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business’s stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the sale, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 over the last quarter. Company insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a research report on Thursday, July 3rd. Stephens lifted their price objective on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Finally, Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $47.41.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.