FineMark National Bank & Trust Buys 7,244 Shares of Fastenal Company $FAST

FineMark National Bank & Trust lifted its stake in shares of Fastenal Company (NASDAQ:FAST) by 69.5% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 17,670 shares of the company’s stock after buying an additional 7,244 shares during the quarter. FineMark National Bank & Trust’s holdings in Fastenal were worth $742,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FAST. 1248 Management LLC acquired a new stake in Fastenal during the first quarter worth approximately $36,000. Riverview Trust Co increased its stake in shares of Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Fastenal during the 1st quarter worth approximately $49,000. Private Wealth Management Group LLC boosted its stake in Fastenal by 111.9% in the 2nd 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 period. Finally, Hilltop National Bank acquired a new position in Fastenal in the 2nd quarter valued at $27,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, Director Hsenghung Sam Hsu purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were bought at an average price of $49.58 per share, for a total transaction of $49,580.00. Following the purchase, the director owned 10,000 shares in the company, valued at approximately $495,800. This trade represents a 11.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.37% of the company’s stock.

Fastenal Trading Down 1.0%

Shares of Fastenal stock opened at $39.55 on Thursday. 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 company has a market capitalization of $45.40 billion, a price-to-earnings ratio of 36.96, a PEG ratio of 3.75 and a beta of 0.92. The firm’s 50-day moving average price is $44.24 and its two-hundred day moving average price is $44.39.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion for 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%.The business’s revenue was up 11.7% on a year-over-year basis. During the same period last year, the company posted $0.26 EPS. On average, analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm 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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Analysts Set New Price Targets

Several research firms have weighed in on FAST. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Robert W. Baird lowered their price target on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Sanford C. Bernstein initiated coverage on shares of Fastenal in a research note on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Finally, Barclays lowered their target price on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, November 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $46.32.

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.