Archer Investment Corp Invests $257,000 in Fastenal Company $FAST

Archer Investment Corp bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,130 shares of the company’s stock, valued at approximately $257,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Fastenal by 103.5% during the 2nd quarter. Vanguard Group Inc. now owns 149,169,494 shares of the company’s stock worth $6,265,119,000 after purchasing an additional 75,852,223 shares during the period. Geode Capital Management LLC grew its position in Fastenal by 103.8% during the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after buying an additional 18,329,847 shares in the last quarter. Bank of New York Mellon Corp grew its position in Fastenal by 87.9% during the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock worth $1,463,743,000 after buying an additional 16,308,254 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after acquiring an additional 1,850,871 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Fastenal by 103.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock valued at $408,849,000 after acquiring an additional 4,950,503 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Up 1.9%

FAST opened at $39.91 on Friday. The firm has a market cap of $45.82 billion, a price-to-earnings ratio of 37.30, a PEG ratio of 3.75 and a beta of 0.92. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The firm’s 50-day simple moving average is $43.92 and its 200-day simple moving average is $44.34. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. Fastenal’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. Equities research analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Barclays decreased their price objective on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Northcoast Research initiated coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating on the stock. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.32.

Insider Buying and Selling

In other Fastenal news, Director Sarah N. Nielsen purchased 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average cost of $39.60 per share, with a total value of $39,600.00. Following the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at approximately $198,000. This trade represents a 25.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was acquired at an average price of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director owned 10,000 shares in the company, valued at approximately $495,800. The trade was a 11.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 3,000 shares of company stock worth $131,630. 0.37% of the stock is owned by corporate insiders.

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.