Fastenal Company $FAST Stake Raised by Tower View Wealth Management LLC

Tower View Wealth Management LLC increased its holdings in Fastenal Company (NASDAQ:FAST) by 100.9% in the 2nd quarter, Holdings Channel reports. The fund owned 1,545 shares of the company’s stock after purchasing an additional 776 shares during the period. Tower View Wealth Management LLC’s holdings in Fastenal were worth $65,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FAST. Brighton Jones LLC purchased a new stake in Fastenal in the 4th quarter worth about $496,000. NBC Securities Inc. lifted its stake in Fastenal by 174,400.0% in the 1st quarter. NBC Securities Inc. now owns 1,745 shares of the company’s stock worth $135,000 after acquiring an additional 1,744 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in Fastenal in the 1st quarter worth about $237,000. Thurston Springer Miller Herd & Titak Inc. lifted its stake in Fastenal by 28.5% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,745 shares of the company’s stock worth $291,000 after acquiring an additional 830 shares in the last quarter. Finally, Salvus Wealth Management LLC raised its stake in shares of Fastenal by 1.6% during the 1st quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company’s stock worth $698,000 after purchasing an additional 141 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FAST shares. JPMorgan Chase & Co. raised their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. Stifel Nicolaus set a $82.00 price target on Fastenal in a research note on Thursday, July 3rd. Finally, Northcoast Research started coverage on Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $46.82.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $48.17 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The firm has a market cap of $55.28 billion, a price-to-earnings ratio of 46.32, a P/E/G ratio of 4.33 and a beta of 0.94. The business’s 50-day simple moving average is $48.18 and its 200-day simple moving average is $43.49. Fastenal Company has a 52 week low of $34.69 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 EPS. As a group, equities research analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. Fastenal’s dividend payout ratio (DPR) is 84.62%.

Insiders Place Their Bets

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm’s stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares of the company’s stock, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,230 shares of company stock worth $5,288,364. Corporate insiders own 0.37% of the company’s stock.

Fastenal Company 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.