Wallace Hart LLC Invests $1.02 Million in Fastenal Company $FAST

Wallace Hart LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 20,833 shares of the company’s stock, valued at approximately $1,022,000. Fastenal comprises about 0.8% of Wallace Hart LLC’s holdings, making the stock its 23rd biggest position.

Several other institutional investors have also added to or reduced their stakes in the stock. Hilltop National Bank acquired a new position in shares of Fastenal in the 2nd quarter valued at about $27,000. Private Wealth Management Group LLC raised its position in Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after buying an additional 339 shares during the last quarter. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Fastenal during the 2nd quarter worth $27,000. NewSquare Capital LLC increased its position in Fastenal by 197.5% in the second quarter. NewSquare Capital LLC now owns 714 shares of the company’s stock worth $30,000 after buying an additional 474 shares during the last quarter. Finally, MV Capital Management Inc. lifted its holdings in Fastenal by 96.1% during the second quarter. MV Capital Management Inc. now owns 712 shares of the company’s stock valued at $30,000 after purchasing an additional 349 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction 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 approximately $495,800. This represents a 11.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sarah N. Nielsen purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average price of $39.60 per share, for a total transaction of $39,600.00. Following the acquisition, the director directly owned 5,000 shares in the company, valued at $198,000. This trade represents a 25.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.37% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on FAST. Robert W. Baird reduced their price objective on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research note on Tuesday, October 14th. Jefferies Financial Group set a $52.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Barclays set a $43.00 target price on Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Finally, UBS Group reaffirmed a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average target price of $48.00.

Fastenal Stock Up 3.3%

FAST stock opened at $44.80 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The company has a market cap of $51.43 billion, a price-to-earnings ratio of 40.73, a P/E/G ratio of 2.76 and a beta of 0.89. The business’s 50-day moving average is $41.97 and its two-hundred day moving average is $44.42.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting analysts’ consensus estimates of $0.26. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. As a group, analysts forecast that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, January 29th will be paid a dividend of $0.24 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. This represents a $0.96 annualized dividend and a yield of 2.1%. Fastenal’s dividend payout ratio is 87.27%.

Fastenal Profile

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.