Taylor Hoffman Capital Management LLC Has $612,000 Stake in Fastenal Company $FAST

Taylor Hoffman Capital Management LLC boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 100.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,576 shares of the company’s stock after purchasing an additional 7,288 shares during the period. Taylor Hoffman Capital Management LLC’s holdings in Fastenal were worth $612,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of FAST. Brighton Jones LLC purchased a new stake in shares of Fastenal in the fourth quarter valued at $496,000. Lazard Asset Management LLC lifted its holdings in shares of Fastenal by 140.4% in the fourth quarter. Lazard Asset Management LLC now owns 15,104 shares of the company’s stock valued at $1,085,000 after purchasing an additional 8,821 shares in the last quarter. State of Wyoming lifted its holdings in shares of Fastenal by 194.3% in the fourth quarter. State of Wyoming now owns 4,218 shares of the company’s stock valued at $303,000 after purchasing an additional 2,785 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Fastenal by 11.4% in the fourth quarter. Tidal Investments LLC now owns 37,025 shares of the company’s stock valued at $2,662,000 after purchasing an additional 3,782 shares in the last quarter. Finally, Vident Advisory LLC lifted its holdings in shares of Fastenal by 91.7% in the fourth quarter. Vident Advisory LLC now owns 127,738 shares of the company’s stock valued at $9,186,000 after purchasing an additional 61,093 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 1.1%

Shares of NASDAQ:FAST opened at $47.25 on Wednesday. The company has a market cap of $54.23 billion, a P/E ratio of 45.43, a P/E/G ratio of 4.34 and a beta of 0.97. The stock’s 50-day moving average is $47.61 and its 200-day moving average is $42.72. Fastenal Company has a 52-week low of $34.69 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $0.25 earnings per share. Equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal’s dividend payout ratio (DPR) is currently 84.62%.

Insiders Place Their Bets

In related news, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the sale, the chief financial officer owned 10,192 shares of the company’s stock, valued at approximately $460,780.32. The trade was a 67.38% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FAST shares. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and increased their target price for the company from $47.00 to $55.00 in a report on Thursday, August 7th. Stephens increased their target price on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. Finally, Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four 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 has a consensus rating of “Hold” and an average price target of $46.82.

About Fastenal

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