Patton Fund Management Inc. has recently acquired a new stake in Fastenal Company (NASDAQ:FAST – Free Report) during the second quarter, as per its latest SEC filing. The institutional investor purchased 5,456 shares, valued at approximately $229,000.
Other hedge funds have also adjusted their positions in FAST. Vanguard Group Inc. increased its stake by 1.4% in the first quarter, now owning 73,317,271 shares worth $5,685,754,000 after acquiring an additional 1,016,479 shares. Charles Schwab Investment Management Inc. raised its holdings by 8.9%, owning 22,615,915 shares valued at $1,753,864,000 after purchasing 1,850,871 shares. Baird Financial Group Inc. grew its position by 1.7%, now holding 8,418,765 shares worth $652,875,000 after buying 142,972 shares. Principal Financial Group Inc. increased its stake by 2.6%, owning 6,591,850 shares valued at $511,198,000 after acquiring 168,830 shares. Lastly, UBS AM, a distinct business unit of UBS Asset Management Americas LLC, raised its stake by 11.5%, now owning 5,933,636 shares valued at $460,153,000 after purchasing 613,254 shares. Currently, 81.38% of Fastenal’s stock is held by hedge funds and institutional investors.
Fastenal Stock Up 1.8%
FAST opened at $48.70 on Monday. The company has a 12-month low of $34.69 and a high of $50.63. Fastenal’s current ratio stands at 4.22, with a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The 50-day moving average price is $48.07, while the 200-day moving average price is $43.27. Fastenal boasts a market cap of $55.89 billion, a P/E ratio of 46.83, a P/E/G ratio of 4.43, and a beta of 0.97.
Fastenal (NASDAQ:FAST – Get Free Report) reported its earnings results on July 14th. The company posted earnings of $0.29 per share, surpassing the consensus estimate of $0.28 by $0.01. Fastenal generated revenue of $2.08 billion, slightly above analysts’ expectations of $2.07 billion. The company achieved a return on equity of 32.33% and a net margin of 15.30%, with quarterly revenue up 8.6% compared to the same quarter last year. Analysts predict Fastenal will post an EPS of 2.15 for the current year.
Fastenal Cuts Dividend
The company recently announced a quarterly dividend, paid on August 26th. Shareholders of record on July 29th received a $0.22 dividend, resulting in an annualized dividend of $0.88 and a yield of 1.8%. Fastenal’s payout ratio currently stands at 84.62%.
Insider Activity
In other news, EVP William Joseph Drazkowski sold 6,842 shares on August 15th at an average price of $48.67, totaling $333,000.14. Following this transaction, he owns 11,994 shares valued at approximately $583,747.98, marking a 36.32% decrease in his position. CFO Sheryl Ann Lisowski also sold 21,052 shares on July 17th at an average price of $45.21, totaling $951,760.92. After this sale, she owns 10,192 shares valued at $460,780.32, a 67.38% decrease in her ownership. In the past three months, insiders have sold 111,230 shares valued at $5,288,364, with insiders currently owning 0.37% of the stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on FAST shares. Wolfe Research reiterated a “positive” rating on July 14th. Morgan Stanley set a $40.00 target price with an “equal weight” rating on July 3rd. Stifel Nicolaus established an $82.00 price target on the same day. Northcoast Research initiated coverage with a “neutral” rating on August 21st. Stephens raised their target price from $40.00 to $45.00, maintaining an “equal weight” rating on July 15th. Overall, one analyst rates the stock as a Strong Buy, four as Buy, eight as Hold, and one as Sell, resulting in an average rating of “Hold” and a consensus target price of $46.82.
Get Our Latest Analysis on FAST
Fastenal Company Profile
Fastenal Company, along with its subsidiaries, specializes in the wholesale distribution of industrial and construction supplies across the United States, Canada, Mexico, and internationally. The company offers a range of fasteners and related supplies under the Fastenal brand, including threaded fasteners, bolts, nuts, screws, studs, and washers used in manufacturing and construction projects, as well as maintenance and repair of machinery.
Further Reading
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