Oppenheimer Asset Management Inc. Makes New Investment in Fastenal Company $FAST

Oppenheimer Asset Management Inc. bought a new stake in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 225,805 shares of the company’s stock, valued at approximately $10,845,000.

A number of other hedge funds also recently added to or reduced their stakes in FAST. Elyxium Wealth LLC bought a new position in shares of Fastenal during the fourth quarter worth about $25,000. Palladiem LLC acquired a new stake in shares of Fastenal in the 4th quarter worth about $25,000. Evergreen Advisors LLC acquired a new stake in shares of Fastenal in the 1st quarter worth about $26,000. MV Capital Management Inc. bought a new stake in Fastenal in the 4th quarter valued at about $29,000. Finally, Field & Main Bank bought a new stake in Fastenal in the 4th quarter valued at about $30,000. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST opened at $51.02 on Friday. The firm has a 50-day moving average price of $47.47 and a 200 day moving average price of $46.10. The firm has a market capitalization 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 Company has a 52-week low of $38.97 and a 52-week high of $52.92.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate 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 analysts’ expectations of $2.34 billion. During the same quarter last year, the company earned $0.29 EPS. Fastenal’s quarterly revenue was up 14.7% on a year-over-year basis. On average, sell-side analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Analysts Set New Price Targets

Several research firms have commented on FAST. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Wolfe Research reaffirmed an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Barclays cut their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $49.17.

Insider Buying and Selling

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the 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 transaction, the director directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by company insiders.

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.