Bahl & Gaynor Inc. Has $93.71 Million Stock Holdings in Fastenal Company $FAST

Bahl & Gaynor Inc. decreased its holdings in Fastenal Company (NASDAQ:FAST) by 3.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,910,842 shares of the company’s stock after selling 71,679 shares during the period. Bahl & Gaynor Inc. owned approximately 0.17% of Fastenal worth $93,708,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Twin Peaks Wealth Advisors LLC bought a new position in Fastenal in the second quarter valued at about $27,000. NewSquare Capital LLC boosted its stake in shares of Fastenal by 197.5% in the 2nd quarter. NewSquare Capital LLC now owns 714 shares of the company’s stock valued at $30,000 after purchasing an additional 474 shares in the last quarter. MV Capital Management Inc. grew its holdings in shares of Fastenal by 96.1% during the 2nd 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. SOA Wealth Advisors LLC. grew its holdings in shares of Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after purchasing an additional 255 shares during the last quarter. Finally, REAP Financial Group LLC acquired a new position in Fastenal during the 3rd quarter worth approximately $30,000. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Up 0.8%

Shares of NASDAQ:FAST opened at $46.04 on Monday. The firm has a market cap of $52.87 billion, a P/E ratio of 41.85, a P/E/G ratio of 2.94 and a beta of 0.88. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The business has a fifty day simple moving average of $43.88 and a 200 day simple moving average of $44.33. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03.

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

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th were given a $0.24 dividend. This is an increase from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date was Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s dividend payout ratio is presently 87.27%.

Analyst Ratings Changes

FAST has been the topic of a number of research analyst reports. Wolfe Research raised their target price on shares of Fastenal from $42.00 to $43.00 and gave the company an “underperform” rating in a research report on Friday. UBS Group reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, January 21st. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Finally, Barclays set a $43.00 price target on Fastenal and gave the company an “equal weight” rating in a research note on Wednesday, January 21st. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and an average target price of $48.27.

Insider Activity

In other news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.28% of the company’s stock.

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.