Perigon Wealth Management LLC Buys 17,997 Shares of Fastenal Company $FAST

Perigon Wealth Management LLC increased its stake in shares of Fastenal Company (NASDAQ:FAST) by 91.1% in the third quarter, HoldingsChannel reports. The firm owned 37,742 shares of the company’s stock after buying an additional 17,997 shares during the period. Perigon Wealth Management LLC’s holdings in Fastenal were worth $1,851,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of Fastenal in the 4th quarter valued at about $496,000. MAI Capital Management boosted its stake in Fastenal by 4.9% in the first quarter. MAI Capital Management now owns 12,357 shares of the company’s stock valued at $958,000 after acquiring an additional 572 shares in the last quarter. Flputnam Investment Management Co. grew its holdings in Fastenal by 22.3% in the first quarter. Flputnam Investment Management Co. now owns 7,890 shares of the company’s stock worth $612,000 after purchasing an additional 1,439 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its position in shares of Fastenal by 19.1% during the first quarter. Focus Partners Advisor Solutions LLC now owns 13,953 shares of the company’s stock worth $1,082,000 after purchasing an additional 2,238 shares in the last quarter. Finally, 1248 Management LLC purchased a new stake in shares of Fastenal during the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 1.0%

Fastenal stock opened at $40.87 on Wednesday. The stock has a 50-day moving average price of $41.18 and a 200 day moving average price of $44.43. The company has a market capitalization of $46.92 billion, a price-to-earnings ratio of 38.20, a price-to-earnings-growth ratio of 3.30 and a beta of 0.89. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the company posted $0.26 EPS. Fastenal’s quarterly revenue was up 11.7% compared to the same quarter last year. Sell-side analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.2%. Fastenal’s payout ratio is currently 82.24%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FAST. UBS Group raised Fastenal from a “hold” rating to a “buy” rating and raised their price objective for the stock from $45.00 to $52.00 in a research report on Monday, December 15th. Jefferies Financial Group set a $52.00 price target on Fastenal and gave the stock a “buy” rating in a report on Monday, December 15th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Monday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.73.

Insider Buying and Selling at Fastenal

In related news, Director Sarah N. Nielsen purchased 1,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were bought at an average cost of $39.60 per share, with a total value of $39,600.00. Following the transaction, the director owned 5,000 shares of the company’s stock, valued at approximately $198,000. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was bought at an average cost of $49.58 per share, with a total value of $49,580.00. Following the acquisition, the director owned 10,000 shares in the company, valued at approximately $495,800. This trade represents a 11.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders acquired 3,000 shares of company stock worth $131,630. 0.37% of the stock is owned by corporate insiders.

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.