Thoroughbred Financial Services LLC Increases Holdings in Fastenal Company $FAST

Thoroughbred Financial Services LLC raised its position in shares of Fastenal Company (NASDAQ:FAST) by 57.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 82,963 shares of the company’s stock after purchasing an additional 30,319 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Fastenal were worth $3,484,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Patton Fund Management Inc. purchased a new position in shares of Fastenal during the 2nd quarter valued at $229,000. Values First Advisors Inc. increased its stake in Fastenal by 183.0% in the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company’s stock worth $394,000 after buying an additional 6,064 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after acquiring an additional 1,850,871 shares during the period. Picton Mahoney Asset Management raised its holdings in Fastenal by 7.5% during the first quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock valued at $14,074,000 after acquiring an additional 12,721 shares during the period. Finally, KLP Kapitalforvaltning AS lifted its position in shares of Fastenal by 3.9% in the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock valued at $15,180,000 after acquiring an additional 7,400 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $40.45 on Friday. The firm has a fifty day simple moving average of $44.74 and a two-hundred day simple moving average of $44.38. 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. The stock has a market capitalization of $46.44 billion, a P/E ratio of 37.80, a PEG ratio of 3.75 and a beta of 0.92.

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

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal’s payout ratio is 82.24%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FAST. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Wolfe Research raised shares of Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price objective for the company in a report on Thursday. Barclays reduced their price objective on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Northcoast Research assumed coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.32.

Insider Activity at Fastenal

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were purchased at an average price of $49.58 per share, with a total value of $49,580.00. Following the transaction, the director owned 10,000 shares in the company, valued at $495,800. This trade represents a 11.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.37% of the company’s stock.

Fastenal Profile

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.