International Assets Investment Management LLC Raises Stock Holdings in Fastenal Company $FAST

International Assets Investment Management LLC increased its position in Fastenal Company (NASDAQ:FAST) by 103.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,227 shares of the company’s stock after acquiring an additional 5,198 shares during the period. International Assets Investment Management LLC’s holdings in Fastenal were worth $430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 1248 Management LLC purchased a new position in shares of Fastenal during the 1st quarter valued at about $36,000. Horizon Financial Services LLC increased its stake in shares of Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company’s stock valued at $42,000 after purchasing an additional 533 shares in the last quarter. Riverview Trust Co increased its stake in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Fastenal in the 1st quarter valued at about $49,000. Finally, Private Wealth Management Group LLC increased its stake in shares of Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after purchasing an additional 339 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold a total of 90,178 shares of company stock worth $4,336,603 in the last quarter. Company insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Northcoast Research assumed coverage on Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating on the stock. Robert W. Baird reduced their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Stifel Nicolaus set a $82.00 target price on Fastenal in a report on Thursday, July 3rd. Finally, Barclays set a $45.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Fastenal currently has an average rating of “Hold” and an average target price of $46.50.

Fastenal Stock Performance

Shares of Fastenal stock opened at $42.60 on Thursday. The firm has a market cap of $48.91 billion, a PE ratio of 39.81, a price-to-earnings-growth ratio of 3.95 and a beta of 0.94. The firm’s 50-day simple moving average is $47.50 and its 200-day simple moving average is $44.09. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the company earned $0.26 EPS. Fastenal’s quarterly revenue was up 11.7% on a year-over-year basis. Equities analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given 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 dividend payout ratio is 82.24%.

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.