15,399 Shares in Fastenal Company $FAST Purchased by Summit Asset Management LLC

Summit Asset Management LLC purchased a new stake in Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 15,399 shares of the company’s stock, valued at approximately $740,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC lifted 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 acquiring an additional 147 shares during the period. Tandem Investment Advisors Inc. grew its stake in shares of Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after purchasing an additional 224 shares during the last quarter. Sittner & Nelson LLC increased its holdings in shares of Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares during the period. Sound Income Strategies LLC raised its stake in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after purchasing an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC raised its stake in shares of Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after purchasing an additional 248 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FAST shares. Wolfe Research reiterated an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research report on Friday, August 7th. DA Davidson restated a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Finally, Barclays cut their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $49.17.

Fastenal Stock Performance

NASDAQ:FAST opened at $51.02 on Friday. The firm’s fifty day simple moving average is $47.47 and its 200-day simple moving average is $46.10. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The stock has a market cap of $58.55 billion, a PE ratio of 43.24, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.29 earnings per share. Analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is 88.14%.

Insider Buying and Selling

In other news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.

Fastenal Company 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.