Citizens Business Bank Makes New Investment in Fastenal Company $FAST

Citizens Business Bank bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 13,611 shares of the company’s stock, valued at approximately $667,000.

A number of other institutional investors have also recently modified their holdings of the business. AlphaCore Capital LLC raised its holdings in Fastenal by 58.0% in the 3rd quarter. AlphaCore Capital LLC now owns 8,323 shares of the company’s stock worth $408,000 after purchasing an additional 3,056 shares during the period. Catalyst Financial Partners LLC increased its position in shares of Fastenal by 5.3% in the third quarter. Catalyst Financial Partners LLC now owns 10,196 shares of the company’s stock valued at $500,000 after buying an additional 512 shares in the last quarter. Empirical Asset Management LLC raised its stake in shares of Fastenal by 32.8% during the 3rd quarter. Empirical Asset Management LLC now owns 19,383 shares of the company’s stock worth $951,000 after buying an additional 4,782 shares during the period. MAI Capital Management lifted its position in shares of Fastenal by 514.0% during the 3rd quarter. MAI Capital Management now owns 169,840 shares of the company’s stock valued at $8,329,000 after buying an additional 142,180 shares in the last quarter. Finally, Cary Street Partners Financial LLC grew its stake in Fastenal by 11.5% in the 3rd quarter. Cary Street Partners Financial LLC now owns 3,755 shares of the company’s stock valued at $184,000 after acquiring an additional 388 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fastenal

In other news, Director Scott Satterlee sold 15,964 shares of the business’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 transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. The trade was a 24.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Stock Down 1.8%

Shares of NASDAQ FAST opened at $44.63 on Thursday. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The company has a 50-day moving average of $43.74 and a 200 day moving average of $44.40. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The stock has a market cap of $51.24 billion, a PE ratio of 40.57, a P/E/G ratio of 2.90 and a beta of 0.89.

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

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th will be paid a $0.24 dividend. 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 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s dividend payout ratio is 87.27%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Robert W. Baird upped their price objective on shares of Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Wolfe Research reduced their price target on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research report on Wednesday, January 21st. UBS Group reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Barclays set a $43.00 price objective on Fastenal and gave the stock an “equal weight” rating in a research note on Wednesday, January 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $48.18.

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.