Prairie Advisory LLC grew its stake in shares of Fastenal Company (NASDAQ:FAST – Free Report) by 100.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,982 shares of the company’s stock after acquiring an additional 10,023 shares during the quarter. Prairie Advisory LLC’s holdings in Fastenal were worth $990,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in FAST. BlackRock Inc. purchased a new position in shares of Fastenal during the second quarter valued at approximately $5,105,454,000. State Street Corp lifted its position in Fastenal by 1.6% during the second quarter. State Street Corp now owns 56,438,968 shares of the company’s stock valued at $2,710,764,000 after purchasing an additional 869,793 shares during the period. Bank of New York Mellon Corp bought a new position in Fastenal during the second quarter valued at approximately $859,310,000. Bank of America Corp DE lifted its position in Fastenal by 12.0% during the first quarter. Bank of America Corp DE now owns 16,292,425 shares of the company’s stock valued at $755,969,000 after purchasing an additional 1,744,193 shares during the period. Finally, Baird Financial Group Inc. boosted its holdings in Fastenal by 1.2% in the second quarter. Baird Financial Group Inc. now owns 15,561,007 shares of the company’s stock worth $747,395,000 after purchasing an additional 183,238 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.
Fastenal Stock Performance
Shares of NASDAQ:FAST traded up $0.30 during trading on Monday, hitting $51.32. The company’s stock had a trading volume of 2,152,417 shares, compared to its average volume of 7,889,360. The company has a 50-day moving average of $50.35 and a 200-day moving average of $47.54. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.93 and a quick ratio of 2.11. The firm has a market cap of $58.89 billion, a price-to-earnings ratio of 41.38, a P/E/G ratio of 3.07 and a beta of 0.69.
Fastenal (NASDAQ:FAST – Get Free Report) last announced its earnings results on Wednesday, October 14th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the company earned $0.29 earnings per share. The firm’s revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts expect that Fastenal Company will post 1.27 earnings per share for the current year.
Fastenal Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, October 28th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, October 28th. Fastenal’s dividend payout ratio (DPR) is currently 83.87%.
Insiders Place Their Bets
In related news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% 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 Rita Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company’s stock.
Wall Street Analyst Weigh In
FAST has been the subject of a number of research analyst reports. DA Davidson set a $51.00 target price on shares of Fastenal and gave the stock a “neutral” rating in a research report on Tuesday, October 13th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Barclays lowered their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Robert W. Baird raised their price target on Fastenal from $59.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Morgan Stanley raised their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.83.
Check Out Our Latest Stock Report on FAST
Fastenal Profile
Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.
Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.
Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.
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