Fastenal Company $FAST Shares Purchased by Grandfield & Dodd LLC

Grandfield & Dodd LLC boosted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 100.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,100 shares of the company’s stock after acquiring an additional 26,550 shares during the quarter. Grandfield & Dodd LLC’s holdings in Fastenal were worth $2,230,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Fastenal by 103.8% during the second quarter. Geode Capital Management LLC now owns 35,984,281 shares of the company’s stock worth $1,506,141,000 after buying an additional 18,329,847 shares during the period. Bank of New York Mellon Corp grew its position in Fastenal by 87.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after acquiring an additional 16,308,254 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Fastenal by 103.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock valued at $408,849,000 after acquiring an additional 4,950,503 shares in the last quarter. Cantillon Capital Management LLC increased its stake in Fastenal by 94.4% during the second quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock worth $390,517,000 after purchasing an additional 4,513,985 shares during the period. Finally, Blair William & Co. IL lifted its position in shares of Fastenal by 107.2% during the second quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock worth $286,565,000 after purchasing an additional 3,530,339 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Barclays reduced their price target on Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Thursday. Robert W. Baird lowered their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus target price of $46.32.

Fastenal Stock Down 0.5%

FAST stock opened at $40.75 on Friday. 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 company’s 50 day moving average is $44.89 and its two-hundred day moving average is $44.37. The stock has a market cap of $46.78 billion, a P/E ratio of 38.08, a PEG ratio of 3.75 and a beta of 0.92. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business earned $0.26 earnings per share. Fastenal’s revenue was up 11.7% compared to the same quarter last year. Research analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s payout ratio is presently 82.24%.

Insider Buying and Selling at Fastenal

In other news, Director Hsenghung Sam Hsu acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, October 16th. The stock was acquired at an average cost of $42.45 per share, with a total value of $42,450.00. Following the completion of the acquisition, the director owned 9,000 shares of the company’s stock, valued at $382,050. The trade was a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.37% of the company’s stock.

About Fastenal

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.