Fastenal Company $FAST Stock Position Raised by RFG Bristol Wealth Advisors LLC

RFG Bristol Wealth Advisors LLC lifted its stake in shares of Fastenal Company (NASDAQ:FAST) by 100.0% during the second quarter, Holdings Channel reports. The firm owned 8,200 shares of the company’s stock after purchasing an additional 4,100 shares during the quarter. RFG Bristol Wealth Advisors LLC’s holdings in Fastenal were worth $344,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in Fastenal by 87.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock worth $1,463,743,000 after buying an additional 16,308,254 shares during the period. Envestnet Asset Management Inc. increased its position in shares of 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 raised its holdings in shares of Fastenal by 94.4% during the second quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock valued at $390,517,000 after acquiring an additional 4,513,985 shares during the period. Blair William & Co. IL lifted its position in shares of Fastenal by 107.2% in the 2nd quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock valued at $286,565,000 after acquiring an additional 3,530,339 shares in the last quarter. Finally, Provident Trust Co. boosted its stake in Fastenal by 98.9% in the 2nd quarter. Provident Trust Co. now owns 5,379,291 shares of the company’s stock worth $225,930,000 after purchasing an additional 2,674,765 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, October 16th. The stock was bought at an average price of $42.45 per share, for a total transaction of $42,450.00. Following the purchase, the director owned 9,000 shares in the company, valued at $382,050. The trade was a 12.50% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the 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 transaction, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 90,178 shares of company stock worth $4,336,603 over the last ninety days. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $41.30 on Wednesday. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The stock’s 50-day moving average is $46.11 and its two-hundred day moving average is $44.40. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The firm has a market cap of $47.41 billion, a P/E ratio of 38.60, a PEG ratio of 3.75 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.26 EPS. Analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued 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 dividend payout ratio (DPR) is 82.24%.

Analysts Set New Price Targets

Several brokerages have issued reports on FAST. Loop Capital reissued a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Robert W. Baird dropped their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. JPMorgan Chase & Co. lifted their target price on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Finally, Barclays set a $45.00 price target on shares of Fastenal and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. One 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $46.50.

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.