Bellwether Advisors LLC Raises Stock Holdings in Fastenal Company $FAST

Bellwether Advisors LLC lifted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 413.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,390 shares of the company’s stock after acquiring an additional 43,802 shares during the period. Bellwether Advisors LLC’s holdings in Fastenal were worth $2,667,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Integrated Wealth Concepts LLC grew its position in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares during the last quarter. Sowell Financial Services LLC boosted its stake in shares of Fastenal by 4.7% during the third quarter. Sowell Financial Services LLC now owns 5,308 shares of the company’s stock worth $260,000 after buying an additional 238 shares during the period. Rowlandmiller & PARTNERS.ADV grew its holdings in shares of Fastenal by 1.7% during the third quarter. Rowlandmiller & PARTNERS.ADV now owns 14,704 shares of the company’s stock worth $721,000 after buying an additional 250 shares during the last quarter. SOA Wealth Advisors LLC. increased its position in Fastenal by 71.6% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares during the period. Finally, Harfst & Associates Inc. increased its position in Fastenal by 0.4% in the 3rd quarter. Harfst & Associates Inc. now owns 63,720 shares of the company’s stock valued at $3,125,000 after acquiring an additional 256 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Trading Down 0.2%

Shares of FAST stock opened at $46.23 on Wednesday. The business’s fifty day moving average price is $44.06 and its 200 day moving average price is $44.29. The firm has a market capitalization of $53.09 billion, a PE ratio of 42.03, a P/E/G ratio of 2.96 and a beta of 0.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63.

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

Fastenal Increases Dividend

The business also recently declared 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. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s payout ratio is 87.27%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FAST shares. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Wolfe Research increased their price target on Fastenal from $42.00 to $43.00 and gave the stock an “underperform” rating in a report on Friday, February 27th. UBS Group reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research report on Wednesday, January 21st. Barclays set a $43.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research report on Wednesday, January 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Four equities 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 company. According to MarketBeat.com, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $48.27.

Insider Activity

In related news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director owned 50,000 shares in the company, valued at $2,209,500. This represents a 24.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.