OLD Point Trust & Financial Services N A Invests $34,000 in Fastenal Company $FAST

OLD Point Trust & Financial Services N A acquired a new position in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 800 shares of the company’s stock, valued at approximately $34,000.

Several other large investors also recently made changes to their positions in FAST. Brighton Jones LLC acquired a new stake in shares of Fastenal in the fourth quarter worth $496,000. GAMMA Investing LLC grew its holdings in Fastenal by 11.4% during the 1st quarter. GAMMA Investing LLC now owns 21,847 shares of the company’s stock valued at $1,694,000 after purchasing an additional 2,240 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in Fastenal by 42.4% during the 1st quarter. Oppenheimer & Co. Inc. now owns 56,836 shares of the company’s stock valued at $4,408,000 after purchasing an additional 16,915 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in Fastenal by 8.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 265,311 shares of the company’s stock valued at $20,575,000 after purchasing an additional 21,047 shares in the last quarter. Finally, Legacy Advisors LLC acquired a new stake in Fastenal during the 1st quarter valued at $217,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analysts Set New Price Targets

FAST has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price target on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Stephens raised their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Finally, Barclays set a $45.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.50.

Insider Activity

In related news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal 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 sale, the insider directly owned 11,880 shares in the company, valued at $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 16th. The stock was purchased at an average price of $42.45 per share, for a total transaction of $42,450.00. Following the completion of the transaction, the director owned 9,000 shares in the company, valued at $382,050. The trade was a 12.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 90,178 shares of company stock valued at $4,336,603. 0.37% of the stock is owned by company insiders.

Fastenal Trading Down 1.7%

Fastenal stock opened at $42.60 on Thursday. The firm’s 50-day moving average is $47.50 and its 200-day 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. The company has a market cap of $48.91 billion, a P/E ratio of 39.81, a PEG ratio of 3.95 and a beta of 0.94.

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

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors 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 (DPR) is currently 82.24%.

Fastenal Company 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.