Los Angeles Capital Management LLC Boosts Position in Fastenal (NASDAQ:FAST)

Los Angeles Capital Management LLC lifted its stake in shares of Fastenal (NASDAQ:FASTGet Rating) by 22.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 292,952 shares of the company’s stock after acquiring an additional 54,336 shares during the period. Los Angeles Capital Management LLC owned 0.05% of Fastenal worth $17,401,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of FAST. GHP Investment Advisors Inc. purchased a new position in shares of Fastenal during the 1st quarter worth $31,000. O Dell Group LLC acquired a new stake in shares of Fastenal during the 1st quarter worth about $32,000. Cornerstone Advisory LLC acquired a new stake in shares of Fastenal during the 4th quarter worth about $38,000. Allworth Financial LP acquired a new stake in shares of Fastenal during the 1st quarter worth about $41,000. Finally, Allegheny Financial Group LTD acquired a new stake in shares of Fastenal during the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 77.89% of the company’s stock.

Insider Activity

In other news, Director Michael J. Ancius acquired 678 shares of Fastenal stock in a transaction dated Wednesday, June 15th. The shares were acquired at an average cost of $49.18 per share, for a total transaction of $33,344.04. Following the acquisition, the director now owns 28,265 shares of the company’s stock, valued at $1,390,072.70. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Sheryl Ann Lisowski acquired 1,058 shares of Fastenal stock in a transaction dated Thursday, July 14th. The shares were acquired at an average cost of $46.63 per share, for a total transaction of $49,334.54. Following the acquisition, the chief accounting officer now owns 5,096 shares of the company’s stock, valued at $237,626.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael J. Ancius acquired 678 shares of Fastenal stock in a transaction dated Wednesday, June 15th. The stock was purchased at an average price of $49.18 per share, for a total transaction of $33,344.04. Following the completion of the acquisition, the director now directly owns 28,265 shares in the company, valued at approximately $1,390,072.70. The disclosure for this purchase can be found here. In the last three months, insiders have bought 3,736 shares of company stock worth $182,599. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FAST shares. Wells Fargo & Company raised their price objective on Fastenal from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 14th. Robert W. Baird downgraded Fastenal from an “outperform” rating to a “neutral” rating and set a $48.00 price objective for the company. in a research report on Thursday, July 14th. Argus cut their price objective on Fastenal from $66.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, July 15th. Morgan Stanley dropped their target price on Fastenal from $48.00 to $42.00 and set an “underweight” rating for the company in a research report on Thursday, July 14th. Finally, StockNews.com downgraded Fastenal from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $53.86.

Fastenal Stock Performance

NASDAQ FAST opened at $52.95 on Friday. The company has a market cap of $30.43 billion, a P/E ratio of 29.58, a P/E/G ratio of 3.10 and a beta of 1.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.71 and a quick ratio of 1.75. The stock has a 50-day moving average of $50.54 and a two-hundred day moving average of $53.46. Fastenal has a 1-year low of $45.68 and a 1-year high of $64.75.

Fastenal (NASDAQ:FASTGet Rating) last announced its quarterly earnings data on Wednesday, July 13th. The company reported $0.50 EPS for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.77 billion. Fastenal had a return on equity of 33.47% and a net margin of 15.70%. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. As a group, analysts anticipate that Fastenal will post 1.88 EPS for the current year.

Fastenal announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 12th that permits the company to repurchase 8,000,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Wednesday, July 27th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Tuesday, July 26th. Fastenal’s dividend payout ratio is presently 69.27%.

Fastenal Company Profile

(Get Rating)

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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

Further Reading

Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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