Simon Quick Advisors LLC Acquires 5,053 Shares of Fastenal Company $FAST

Simon Quick Advisors LLC lifted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 139.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,665 shares of the company’s stock after purchasing an additional 5,053 shares during the period. Simon Quick Advisors LLC’s holdings in Fastenal were worth $364,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FAST. Envestnet Asset Management Inc. boosted its holdings in Fastenal by 103.5% in the second quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock worth $408,849,000 after acquiring an additional 4,950,503 shares in the last quarter. Cantillon Capital Management LLC boosted its holdings in Fastenal by 94.4% in the second quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock worth $390,517,000 after acquiring an additional 4,513,985 shares in the last quarter. Blair William & Co. IL boosted its holdings in Fastenal by 107.2% in the second quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock worth $286,565,000 after acquiring an additional 3,530,339 shares in the last quarter. TD Asset Management Inc boosted its holdings in Fastenal by 90.0% in the second quarter. TD Asset Management Inc now owns 4,934,558 shares of the company’s stock worth $207,251,000 after acquiring an additional 2,337,187 shares in the last quarter. Finally, Fenimore Asset Management Inc boosted its holdings in Fastenal by 101.0% in the second quarter. Fenimore Asset Management Inc now owns 3,747,704 shares of the company’s stock worth $157,404,000 after acquiring an additional 1,883,419 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the company’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the company’s 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 transaction, 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 SEC filing for this sale provides additional information. Insiders have sold 90,178 shares of company stock valued at $4,336,603 in the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $41.15 on Monday. The stock has a market cap of $47.24 billion, a PE ratio of 38.46, a price-to-earnings-growth ratio of 3.75 and a beta of 0.94. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The stock has a fifty day moving average of $46.47 and a 200-day moving average of $44.39.

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

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors 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 yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s payout ratio is presently 82.24%.

Analyst Upgrades and Downgrades

FAST has been the topic of several recent research reports. Loop Capital reiterated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Stephens raised their target price on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Northcoast Research initiated coverage on Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating on the stock. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, Barclays set a $45.00 target price on Fastenal and gave the company 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 given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.50.

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.