Fastenal Company $FAST is Azzad Asset Management Inc. ADV’s 9th Largest Position

Azzad Asset Management Inc. ADV raised its stake in Fastenal Company (NASDAQ:FAST) by 16.3% in the third quarter, HoldingsChannel reports. The fund owned 183,381 shares of the company’s stock after purchasing an additional 25,645 shares during the period. Fastenal accounts for approximately 0.9% of Azzad Asset Management Inc. ADV’s investment portfolio, making the stock its 9th largest holding. Azzad Asset Management Inc. ADV’s holdings in Fastenal were worth $8,993,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Private Wealth Management Group LLC lifted its stake in shares of 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 purchasing an additional 339 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new stake in Fastenal during the second quarter valued at $27,000. NewSquare Capital LLC increased its holdings in Fastenal by 197.5% in the second quarter. NewSquare Capital LLC now owns 714 shares of the company’s stock valued at $30,000 after buying an additional 474 shares in the last quarter. MV Capital Management Inc. raised its position in shares of Fastenal by 96.1% in the second quarter. MV Capital Management Inc. now owns 712 shares of the company’s stock worth $30,000 after acquiring an additional 349 shares during the period. Finally, SOA Wealth Advisors LLC. raised its position in shares of Fastenal by 71.6% in the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after acquiring an additional 255 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

In other news, Director Scott Satterlee sold 15,964 shares of the stock in a transaction dated Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $49.58 per share, for a total transaction of $49,580.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This represents a 11.11% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 0.37% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST opened at $47.73 on Friday. The stock has a 50 day moving average of $42.54 and a two-hundred day moving average of $44.46. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The firm has a market cap of $54.80 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 3.04 and a beta of 0.89. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its 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 business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter last year, the business posted $0.46 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm 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 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 2.0%. Fastenal’s dividend payout ratio is presently 87.27%.

Analysts Set New Price Targets

A number of research firms have recently commented on FAST. UBS Group restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a research report on Monday, December 15th. Barclays set a $43.00 price objective on Fastenal and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Robert W. Baird upped their target price on Fastenal from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Weiss Ratings reiterated 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 issued a Sell rating to the stock. Based on data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus 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.