Perigon Wealth Management LLC Takes Position in Fastenal Company $FAST

Perigon Wealth Management LLC purchased a new position in shares of Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 46,764 shares of the company’s stock, valued at approximately $2,246,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Brighton Jones LLC acquired a new stake in Fastenal during the 4th quarter worth $496,000. Integrated Wealth Concepts LLC increased its holdings in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Fastenal in the second quarter valued at about $158,000. Jump Financial LLC bought a new stake in Fastenal in the 2nd quarter valued at approximately $2,199,000. Finally, Cary Street Partners Financial LLC grew its stake in shares of Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after acquiring an additional 1,771 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST stock opened at $51.23 on Tuesday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The company has a market cap of $58.79 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. The firm has a 50 day moving average of $47.58 and a 200-day moving average of $46.17.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) 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 company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same period last year, the business earned $0.29 EPS. Fastenal’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities analysts forecast that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a $0.26 dividend. 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. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Insider Transactions at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of the firm’s 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 completion of 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 position. The sale 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 dated 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 transaction, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. This represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FAST. Barclays lowered their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Weiss Ratings cut Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Robert W. Baird set a $54.00 price target on shares of Fastenal in a research report on Friday, August 7th. Morgan Stanley upped their price objective on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a report on Wednesday, July 15th. Five 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 stock currently has a consensus rating of “Hold” and a consensus target price of $49.17.

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.