Focus Financial Network Inc. Purchases 49,793 Shares of Fastenal Company $FAST

Focus Financial Network Inc. boosted its holdings in Fastenal Company (NASDAQ:FAST) by 266.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,512 shares of the company’s stock after purchasing an additional 49,793 shares during the quarter. Focus Financial Network Inc.’s holdings in Fastenal were worth $2,749,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. Vanguard Group Inc. lifted its stake in shares of Fastenal by 1.6% in the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock valued at $7,430,322,000 after buying an additional 2,346,045 shares in the last quarter. State Street Corp increased its position in shares of Fastenal by 99.6% during the second quarter. State Street Corp now owns 54,317,385 shares of the company’s stock worth $2,281,330,000 after acquiring an additional 27,107,520 shares in the last quarter. Invesco Ltd. increased its position in shares of Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after acquiring an additional 2,242,116 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Fastenal by 1.1% in the 3rd quarter. Bank of America Corp DE now owns 15,604,974 shares of the company’s stock worth $765,268,000 after acquiring an additional 173,581 shares during the last quarter. Finally, Norges Bank bought a new position in Fastenal in the 2nd quarter valued at about $638,648,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $45.37 on Thursday. The company has a market capitalization of $52.10 billion, a PE ratio of 41.25, a PEG ratio of 2.85 and a beta of 0.88. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The stock’s 50 day moving average price is $45.43 and its 200-day moving average price is $43.88. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

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

Fastenal Increases Dividend

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

Insiders Place Their Bets

In related news, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the sale, the director owned 50,000 shares in the company, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. This represents a 48.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FAST shares. UBS Group reiterated a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Robert W. Baird raised their target price on Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, March 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Raymond James Financial set a $48.00 price target on Fastenal in a report on Thursday, March 5th. Finally, Benchmark reissued a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $48.83.

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.