Sawgrass Asset Management LLC Buys Shares of 129,644 Fastenal (NASDAQ:FAST)

Sawgrass Asset Management LLC purchased a new position in Fastenal (NASDAQ:FASTGet Rating) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 129,644 shares of the company’s stock, valued at approximately $7,701,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FAST. GHP Investment Advisors Inc. purchased a new position in Fastenal during the 1st quarter worth $31,000. O Dell Group LLC acquired a new stake in Fastenal during the 1st quarter worth about $32,000. Cornerstone Advisory LLC acquired a new position in shares of Fastenal in the 4th quarter valued at about $38,000. Allworth Financial LP acquired a new position in shares of Fastenal in the 1st quarter valued at about $41,000. Finally, Mascoma Wealth Management LLC lifted its holdings in shares of Fastenal by 104.9% in the 1st quarter. Mascoma Wealth Management LLC now owns 842 shares of the company’s stock valued at $50,000 after buying an additional 431 shares during the period. 78.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fastenal news, CAO Sheryl Ann Lisowski purchased 1,058 shares of Fastenal stock in a transaction on Thursday, July 14th. The stock was bought at an average price of $46.63 per share, for a total transaction of $49,334.54. Following the transaction, the chief accounting officer now owns 5,096 shares of the company’s stock, valued at approximately $237,626.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Sheryl Ann Lisowski bought 1,058 shares of the stock in a transaction that occurred on Thursday, July 14th. The shares were purchased at an average cost of $46.63 per share, with a total value of $49,334.54. Following the completion of the acquisition, the chief accounting officer now directly owns 5,096 shares in the company, valued at $237,626.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Charles S. Miller sold 23,136 shares of Fastenal stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $55.90, for a total value of $1,293,302.40. Following the completion of the transaction, the vice president now directly owns 7,500 shares in the company, valued at approximately $419,250. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $48.02 on Wednesday. Fastenal has a one year low of $45.68 and a one year high of $64.75. The firm has a market capitalization of $27.60 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 3.05 and a beta of 1.21. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.75 and a current ratio of 3.71. The company has a 50 day moving average price of $51.24 and a 200 day moving average price of $53.21.

Fastenal (NASDAQ:FASTGet Rating) last released its quarterly earnings data on Wednesday, July 13th. The company reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the company posted $0.42 earnings per share. The firm’s revenue was up 18.0% compared to the same quarter last year. Sell-side analysts anticipate that Fastenal will post 1.86 EPS for the current year.

Fastenal announced that its board has authorized a stock buyback program on Tuesday, July 12th that authorizes the company to repurchase 8,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Investors of record on Wednesday, July 27th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, July 26th. This represents a $1.24 dividend on an annualized basis and a yield of 2.58%. Fastenal’s payout ratio is currently 69.27%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Argus dropped their price target on shares of Fastenal from $66.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, July 15th. Robert W. Baird lowered shares of Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 price objective on the stock. in a report on Thursday, July 14th. Morgan Stanley dropped their target price on Fastenal from $48.00 to $42.00 and set an “underweight” rating for the company in a research report on Thursday, July 14th. StockNews.com downgraded Fastenal from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, UBS Group lowered their price objective on Fastenal from $62.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, July 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $52.00.

Fastenal Company Profile

(Get Rating)

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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Featured Articles

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal (NASDAQ:FASTGet Rating).

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

Receive News & Ratings for Fastenal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fastenal and related companies with MarketBeat.com's FREE daily email newsletter.