Hardy Reed LLC Buys New Position in Fastenal Company $FAST

Hardy Reed LLC purchased a new position in Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,243 shares of the company’s stock, valued at approximately $636,000.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in Fastenal in the 4th quarter worth $496,000. Integrated Wealth Concepts LLC grew its holdings in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the period. Quantbot Technologies LP purchased a new stake in Fastenal in the second quarter worth about $158,000. Jump Financial LLC purchased a new stake in Fastenal in the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC raised its stake in shares of Fastenal by 111.0% in the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

NASDAQ:FAST opened at $51.02 on Friday. The business’s 50-day simple moving average is $47.47 and its two-hundred day simple moving average is $46.10. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The stock has a market cap of $58.55 billion, a PE ratio of 43.24, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

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

Fastenal Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. 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. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Barclays decreased their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Robert W. Baird set a $54.00 price target on shares of Fastenal in a report on Friday, August 7th. Finally, Weiss Ratings lowered shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of “Hold” and a consensus target price of $49.17.

Insider Activity at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred 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 sale, the director owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on 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 transaction, the director directly owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

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.