Proficio Capital Partners LLC Invests $664,000 in Fastenal Company $FAST

Proficio Capital Partners LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,824 shares of the company’s stock, valued at approximately $664,000.

Several other hedge funds have also recently bought and sold shares of FAST. Brighton Jones LLC purchased a new position in Fastenal in the fourth quarter valued at about $496,000. Integrated Wealth Concepts LLC lifted its stake in shares of Fastenal by 2.4% during the first 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 purchased a new stake in shares of Fastenal in the second quarter worth about $158,000. Jump Financial LLC purchased a new stake in shares of Fastenal in the second quarter worth about $2,199,000. Finally, Cary Street Partners Financial LLC grew 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 valued at $141,000 after buying an additional 1,771 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of FAST opened at $47.93 on Thursday. The firm has a market cap of $55.00 billion, a price-to-earnings ratio of 40.62, a PEG ratio of 3.05 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. The business’s 50 day moving average is $48.61 and its two-hundred day moving average is $46.55. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92.

Fastenal (NASDAQ:FAST) last issued its quarterly 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. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.29 earnings per share. Analysts forecast that Fastenal Company will post 1.25 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Insider Activity

In other news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction dated 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 completion of the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the topic of several analyst reports. Robert W. Baird set a $54.00 target price on Fastenal in a report on Friday, August 7th. Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Barclays dropped their price objective 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. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Morgan Stanley raised their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average 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.