Bristlecone Advisors LLC Buys 2,882 Shares of Fastenal Company $FAST

Bristlecone Advisors LLC raised its stake in Fastenal Company (NASDAQ:FAST) by 100.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,764 shares of the company’s stock after buying an additional 2,882 shares during the period. Bristlecone Advisors LLC’s holdings in Fastenal were worth $242,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FAST. Riverview Trust Co boosted its position in shares of Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares in the last quarter. Hilltop National Bank acquired a new position in Fastenal during the 2nd quarter worth approximately $27,000. Private Wealth Management Group LLC raised its stake in shares of Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after purchasing an additional 339 shares during the last quarter. Armstrong Advisory Group Inc. raised its stake in shares of Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after purchasing an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc raised its stake in shares of Fastenal by 95.0% in the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after purchasing an additional 342 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 1.3%

FAST opened at $41.09 on Thursday. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a market cap of $47.17 billion, a P/E ratio of 38.40, a P/E/G ratio of 3.80 and a beta of 0.94. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $46.80 and its 200-day moving average price is $44.35.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter in the prior year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, equities analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s payout ratio is currently 82.24%.

Insider Transactions at Fastenal

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares of the company’s stock, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 90,178 shares of company stock valued at $4,336,603. Insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Robert W. Baird reduced their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Morgan Stanley set a $40.00 price objective on Fastenal and gave the company an “equal weight” rating in a report on Thursday, July 3rd. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Wolfe Research reissued a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and a consensus target price of $46.50.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.