ELCO Management Co. LLC Acquires 2,815 Shares of Fastenal Company $FAST

ELCO Management Co. LLC lifted its position in Fastenal Company (NASDAQ:FAST) by 100.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,630 shares of the company’s stock after purchasing an additional 2,815 shares during the quarter. ELCO Management Co. LLC’s holdings in Fastenal were worth $236,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its holdings in shares of Fastenal by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock worth $3,817,000 after purchasing an additional 130 shares during the last quarter. Welch & Forbes LLC increased its holdings in shares of Fastenal by 0.4% in the first quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after purchasing an additional 135 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Fastenal by 0.9% in the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after purchasing an additional 140 shares during the last quarter. Essex Financial Services Inc. increased its holdings in shares of Fastenal by 1.7% in the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock worth $688,000 after purchasing an additional 147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares of the company’s stock, valued at $583,747.98. This trade represents a 36.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 90,178 shares of company stock worth $4,336,603 over the last three months. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. One investment 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $46.50.

Fastenal Stock Down 2.1%

Shares of NASDAQ:FAST opened at $41.63 on Wednesday. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The business has a 50 day simple moving average of $46.97 and a two-hundred day simple moving average of $44.35. The firm has a market capitalization of $47.79 billion, a PE ratio of 38.91, a price-to-earnings-growth ratio of 3.88 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19.

Fastenal (NASDAQ:FAST) last announced its 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). 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 analysts’ expectations of $2.13 billion. During the same quarter last year, the firm earned $0.26 EPS. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. On average, equities analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The firm 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 dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s payout ratio is 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.