Graypoint LLC Boosts Stock Position in Fastenal (NASDAQ:FAST)

Graypoint LLC boosted its holdings in shares of Fastenal (NASDAQ:FAST) by 9.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,955 shares of the company’s stock after purchasing an additional 685 shares during the quarter. Graypoint LLC’s holdings in Fastenal were worth $500,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Nomura Holdings Inc. purchased a new stake in shares of Fastenal during the 4th quarter valued at about $747,000. Focus Financial Network Inc. ADV bought a new stake in shares of Fastenal in the 4th quarter valued at approximately $1,282,000. Clear Rock Advisors LLC bought a new stake in shares of Fastenal in the 4th quarter valued at approximately $2,936,000. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of Fastenal by 98.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock worth $9,126,000 after purchasing an additional 58,726 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Fastenal during the 4th quarter valued at $1,078,000. Institutional investors own 81.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on FAST. Stifel Nicolaus reaffirmed a “buy” rating and set a $80.00 price objective (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group cut their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Robert W. Baird decreased their price objective on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating for the company in a research note on Tuesday, May 7th. Finally, Stephens restated an “equal weight” rating and set a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $66.67.

Insider Activity

In other Fastenal news, Director Hsenghung Sam Hsu acquired 500 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average cost of $63.28 per share, with a total value of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares in the company, valued at $221,480. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the transaction, the chief executive officer now directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Hsenghung Sam Hsu acquired 500 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Price Performance

Fastenal stock opened at $68.28 on Monday. The stock has a market cap of $39.10 billion, a price-to-earnings ratio of 33.97, a price-to-earnings-growth ratio of 3.72 and a beta of 1.01. The firm has a 50-day moving average of $66.45 and a two-hundred day moving average of $68.79. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.51. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. Fastenal’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, research analysts forecast that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Friday, July 26th. Fastenal’s payout ratio is 77.61%.

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.