Fortress Financial Group LLC Takes $1.28 Million Position in Fastenal Company $FAST

Fortress Financial Group LLC acquired a new position in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 26,716 shares of the company’s stock, valued at approximately $1,283,000.

Other large investors have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Fastenal in the 2nd quarter worth about $5,105,454,000. Bank of New York Mellon Corp acquired a new position in shares of Fastenal in the 2nd quarter valued at about $859,310,000. Norges Bank purchased a new stake in shares of Fastenal during the 4th quarter worth about $646,046,000. Wellington Management Group LLP increased its position in Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after purchasing an additional 8,574,208 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after purchasing an additional 7,943,217 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wolfe Research restated an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Barclays decreased their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Finally, Robert W. Baird set a $54.00 target price on Fastenal in a research report on Friday, August 7th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $49.17.

Insider Activity at Fastenal

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

Fastenal Price Performance

FAST opened at $51.26 on Friday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The firm has a market cap of $58.82 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 3.20 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $47.96 and a 200 day simple moving average of $46.37.

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

Fastenal Increases Dividend

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

About Fastenal

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.