Crestwood Advisors Group LLC Buys 6,655 Shares of Fastenal Company $FAST

Crestwood Advisors Group LLC grew its stake in Fastenal Company (NASDAQ:FAST) by 89.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,072 shares of the company’s stock after acquiring an additional 6,655 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Fastenal were worth $591,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. 1248 Management LLC purchased a new stake in Fastenal during the 1st quarter valued at about $36,000. Riverview Trust Co lifted its stake in shares of Fastenal by 100.0% in the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after buying an additional 292 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Fastenal in the first quarter worth approximately $49,000. Private Wealth Management Group LLC increased its position in shares of Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after acquiring an additional 339 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Fastenal during the second quarter valued at approximately $27,000. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the business’s stock in a transaction on Thursday, October 16th. The shares were bought at an average cost of $42.45 per share, with a total value of $42,450.00. Following the acquisition, the director directly owned 9,000 shares of the company’s stock, valued at $382,050. This trade represents a 12.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on FAST shares. Robert W. Baird cut their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. JPMorgan Chase & Co. upped their price target on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. Loop Capital reiterated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. 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 given a Sell rating to the company. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and an average target price of $46.50.

Fastenal Trading Down 2.2%

Shares of NASDAQ:FAST opened at $40.77 on Friday. The stock’s 50-day simple moving average is $45.75 and its two-hundred day simple moving average is $44.35. The stock has a market capitalization of $46.81 billion, a price-to-earnings ratio of 38.10, a PEG ratio of 3.75 and a beta of 0.92. Fastenal Company has a 52-week low of $35.31 and a 52-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.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data 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 business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the company earned $0.26 EPS. Analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s payout ratio is presently 82.24%.

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.