Corient Private Wealth LP Buys Shares of 959,651 Fastenal Company $FAST

Corient Private Wealth LP purchased a new position in shares of Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 959,651 shares of the company’s stock, valued at approximately $46,092,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its stake in shares of 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 in the last quarter. Tandem Investment Advisors Inc. boosted its stake in shares of Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after acquiring an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its stake in Fastenal by 0.3% in the 4th 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 last quarter. Sound Income Strategies LLC boosted its stake in shares of Fastenal by 12.9% during the 1st 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, Ausdal Financial Partners Inc. raised its position in shares of Fastenal by 2.9% in the second quarter. Ausdal Financial Partners Inc. now owns 8,406 shares of the company’s stock valued at $404,000 after buying an additional 239 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

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

Fastenal Price Performance

Shares of NASDAQ FAST opened at $51.13 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The company has a market capitalization of $58.67 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 3.19 and a beta of 0.72. The business has a 50-day moving average of $48.38 and a 200-day moving average of $46.48.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.29 EPS. On average, equities analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is currently 88.14%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FAST. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Robert W. Baird set a $54.00 target price on shares of Fastenal in a research report on Friday, August 7th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research reissued an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Finally, DA Davidson reissued a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $49.17.

Fastenal 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.