Concurrent Investment Advisors LLC Purchases 20,478 Shares of Fastenal Company $FAST

Concurrent Investment Advisors LLC raised its position in Fastenal Company (NASDAQ:FAST) by 241.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 28,948 shares of the company’s stock after buying an additional 20,478 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Fastenal were worth $1,216,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Johnson Investment Counsel Inc. lifted its stake in Fastenal by 140.6% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 7,078 shares of the company’s stock valued at $297,000 after acquiring an additional 4,136 shares in the last quarter. Manitou Investment Management Ltd. increased its position in shares of Fastenal by 100.0% during the 2nd quarter. Manitou Investment Management Ltd. now owns 784 shares of the company’s stock worth $33,000 after purchasing an additional 392 shares during the last quarter. Apollon Wealth Management LLC increased its position in shares of Fastenal by 97.8% during the 2nd quarter. Apollon Wealth Management LLC now owns 38,317 shares of the company’s stock worth $1,609,000 after purchasing an additional 18,945 shares during the last quarter. Hemington Wealth Management increased its position in shares of Fastenal by 135.9% during the 2nd quarter. Hemington Wealth Management now owns 1,005 shares of the company’s stock worth $42,000 after purchasing an additional 579 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its position in shares of Fastenal by 96.8% during the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 15,814 shares of the company’s stock worth $664,000 after purchasing an additional 7,780 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FAST shares. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Stephens boosted their price target on Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Robert W. Baird lowered their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $46.50.

Fastenal Stock Down 1.2%

FAST stock opened at $42.24 on Thursday. The company has a current ratio of 4.26, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $48.48 billion, a PE ratio of 39.48, a PEG ratio of 3.89 and a beta of 0.94. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The business’s 50 day simple moving average is $48.06 and its 200 day simple moving average is $43.95.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.26 earnings per share. As a group, research analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal’s payout ratio is 82.24%.

Insider Activity at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders sold 90,178 shares of company stock worth $4,336,603 in the last ninety days. 0.37% of the stock is owned by company insiders.

Fastenal Profile

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.