Corient Private Wealth LLC Has $29.44 Million Position in Fastenal Company $FAST

Corient Private Wealth LLC boosted its position in Fastenal Company (NASDAQ:FAST) by 88.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 700,970 shares of the company’s stock after buying an additional 329,413 shares during the quarter. Corient Private Wealth LLC owned approximately 0.06% of Fastenal worth $29,441,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. CacheTech Inc. acquired a new stake in shares of Fastenal in the second quarter valued at approximately $377,000. Adams Wealth Management bought a new position in Fastenal in the second quarter valued at $377,000. Texas Permanent School Fund Corp increased its stake in Fastenal by 30.2% in the 2nd quarter. Texas Permanent School Fund Corp now owns 80,613 shares of the company’s stock valued at $3,386,000 after buying an additional 18,712 shares during the last quarter. Caldwell Trust Co bought a new stake in Fastenal during the 2nd quarter worth about $549,000. Finally, Valeo Financial Advisors LLC boosted its stake in shares of Fastenal by 95.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 20,493 shares of the company’s stock worth $866,000 after buying an additional 9,998 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST opened at $42.34 on Wednesday. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The firm has a market capitalization of $48.61 billion, a price-to-earnings ratio of 39.57, a P/E/G ratio of 3.41 and a beta of 0.89. The stock’s 50 day moving average price is $41.59 and its two-hundred day moving average price is $44.44. 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 (NASDAQ:FAST) last posted its 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). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The firm’s revenue was up 11.7% compared to the same quarter last year. On average, analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Insider Activity

In other news, Director Sarah N. Nielsen acquired 1,000 shares of Fastenal stock in a transaction dated Wednesday, November 19th. The stock was bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at approximately $198,000. The trade was a 25.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the stock in a transaction dated Thursday, November 13th. The shares were purchased 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 of the company’s stock, valued at $495,800. This trade represents a 11.11% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 3,000 shares of company stock valued at $131,630 in the last ninety days. 0.37% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FAST has been the subject of several analyst reports. Barclays decreased their price objective on Fastenal from $45.00 to $44.00 and set an “equal weight” rating for the company in a report on Thursday, November 13th. Sanford C. Bernstein initiated coverage on Fastenal in a research note on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 price target for the company. JPMorgan Chase & Co. upped their price objective on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. UBS Group raised Fastenal from a “hold” rating to a “buy” rating and increased their price objective for the company from $45.00 to $52.00 in a report on Monday. Finally, Jefferies Financial Group set a $52.00 target price on shares of Fastenal and gave the company a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $48.73.

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.