Exchange Traded Concepts LLC Increases Holdings in Fastenal Company $FAST

Exchange Traded Concepts LLC increased its stake in Fastenal Company (NASDAQ:FAST) by 87.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,790 shares of the company’s stock after acquiring an additional 19,533 shares during the period. Exchange Traded Concepts LLC’s holdings in Fastenal were worth $2,049,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Riverview Trust Co lifted its stake in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. Hilltop National Bank purchased a new stake in Fastenal during the 2nd quarter valued at $27,000. Private Wealth Management Group LLC lifted its position in Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in Fastenal in the second quarter worth $27,000. Finally, Armstrong Advisory Group Inc. boosted its stake in Fastenal by 100.0% during the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after buying an additional 348 shares during the period. 81.38% of the stock is owned by institutional investors.

Insider Activity at Fastenal

In other Fastenal news, Director Sarah N. Nielsen acquired 1,000 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were purchased at an average cost of $39.60 per share, for a total transaction of $39,600.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average cost of $49.58 per share, with a total value of $49,580.00. Following the purchase, the director directly owned 10,000 shares of the company’s stock, valued at $495,800. This represents a 11.11% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 3,000 shares of company stock valued at $131,630 in the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Fastenal Trading Up 0.2%

Shares of NASDAQ FAST opened at $41.82 on Friday. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The firm has a market cap of $48.01 billion, a PE ratio of 39.08, a price-to-earnings-growth ratio of 3.35 and a beta of 0.89. The business has a fifty day simple moving average of $41.28 and a two-hundred day simple moving average of $44.43. 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 announced its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 EPS. Analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th were issued a $0.22 dividend. The ex-dividend date was Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. Fastenal’s payout ratio is currently 82.24%.

Wall Street Analysts Forecast Growth

FAST has been the topic of several recent analyst reports. Barclays reduced their target price on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 13th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday. UBS Group raised shares of Fastenal from a “hold” rating to a “buy” rating and raised their price objective for the stock from $45.00 to $52.00 in a research note on Monday, December 15th. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Finally, JPMorgan Chase & Co. raised their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus target price of $48.73.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.