Howard Capital Management Inc. Has $1.36 Million Holdings in Fastenal Company $FAST

Howard Capital Management Inc. increased its holdings in Fastenal Company (NASDAQ:FAST) by 124.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,268 shares of the company’s stock after acquiring an additional 17,918 shares during the period. Howard Capital Management Inc.’s holdings in Fastenal were worth $1,355,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FAST. 1248 Management LLC purchased a new stake in Fastenal in the 1st quarter valued at $36,000. Horizon Financial Services LLC raised its holdings in shares of Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company’s stock valued at $42,000 after purchasing an additional 533 shares during the last quarter. Riverview Trust Co raised its holdings in shares of Fastenal by 100.0% in the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Fastenal in the first quarter valued at about $49,000. Finally, Private Wealth Management Group LLC raised its holdings in shares of Fastenal by 111.9% in the second 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 during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In related 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 value of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares of the company’s stock, valued at approximately $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 90,178 shares of company stock worth $4,336,603. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. Barclays set a $45.00 price target on Fastenal and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an “equal weight” rating in a research report on Thursday, July 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. One 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.50.

Fastenal Trading Down 2.1%

Shares of FAST stock opened at $41.63 on Wednesday. The company has a 50 day moving average of $46.97 and a 200-day moving average of $44.35. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The firm has a market cap of $47.79 billion, a P/E ratio of 38.91, a PEG ratio of 3.88 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last released its 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 firm had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period in the prior year, the business earned $0.26 earnings per share. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. Sell-side analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

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 issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is 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.