Logan Capital Management Inc. Purchases 230,986 Shares of Fastenal Company $FAST

Logan Capital Management Inc. increased its position in Fastenal Company (NASDAQ:FAST) by 91.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 484,584 shares of the company’s stock after acquiring an additional 230,986 shares during the quarter. Fastenal comprises 0.9% of Logan Capital Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Logan Capital Management Inc.’s holdings in Fastenal were worth $20,353,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Taylor Financial Group Inc. increased its stake in shares of Fastenal by 100.1% in the second quarter. Taylor Financial Group Inc. now owns 8,960 shares of the company’s stock worth $376,000 after purchasing an additional 4,482 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Fastenal by 104.3% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 132,342 shares of the company’s stock worth $5,558,000 after buying an additional 67,550 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Fastenal by 167.7% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 290,168 shares of the company’s stock worth $12,187,000 after buying an additional 181,784 shares during the period. Advisory Alpha LLC grew its stake in Fastenal by 102.1% in the 2nd quarter. Advisory Alpha LLC now owns 6,884 shares of the company’s stock valued at $289,000 after buying an additional 3,477 shares in the last quarter. Finally, Rossby Financial LCC raised its holdings in Fastenal by 251.7% during the 2nd quarter. Rossby Financial LCC now owns 844 shares of the company’s stock valued at $35,000 after acquiring an additional 604 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FAST shares. Robert W. Baird cut their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. JPMorgan Chase & Co. raised their target price on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. One investment 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 given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $46.50.

Insider Activity at Fastenal

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares of the company’s stock, valued at $570,834. The trade was a 80.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of Fastenal stock in a transaction dated Thursday, October 16th. The shares were 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 directly owned 9,000 shares in the company, valued at approximately $382,050. The trade was a 12.50% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 90,178 shares of company stock valued at $4,336,603 over the last ninety days. 0.37% of the stock is currently owned by insiders.

Fastenal Stock Performance

NASDAQ:FAST opened at $42.54 on Tuesday. The stock has a market cap of $48.84 billion, a P/E ratio of 39.76, a PEG ratio of 3.91 and a beta of 0.94. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $47.14 and its two-hundred day moving average price is $44.32. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

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

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s payout ratio is currently 82.24%.

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.