Park Place Capital Corp Has $66,000 Holdings in Fastenal Company $FAST

Park Place Capital Corp raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 3,304.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,532 shares of the company’s stock after buying an additional 1,487 shares during the quarter. Park Place Capital Corp’s holdings in Fastenal were worth $66,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Fastenal by 1.4% in the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company’s stock valued at $5,685,754,000 after purchasing an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Fastenal by 8.9% in 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 purchasing an additional 1,850,871 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of Fastenal by 1.7% in the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company’s stock valued at $652,875,000 after purchasing an additional 142,972 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Fastenal by 2.6% in the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company’s stock valued at $511,198,000 after purchasing an additional 168,830 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fastenal by 11.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company’s stock valued at $460,153,000 after purchasing an additional 613,254 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FAST. Northcoast Research began coverage on Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating for the company. Stifel Nicolaus set a $82.00 target price on Fastenal in a research note on Thursday, July 3rd. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. Robert W. Baird upgraded Fastenal from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $46.82.

Insiders Place Their Bets

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 over the last ninety days. Company insiders own 0.37% of the company’s stock.

Fastenal Price Performance

Shares of FAST stock opened at $49.04 on Wednesday. The stock’s fifty day moving average is $48.17 and its 200-day moving average is $43.39. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock has a market capitalization of $56.28 billion, a PE ratio of 47.15, a PEG ratio of 4.44 and a beta of 0.97. Fastenal Company has a 52 week low of $34.69 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. Equities research analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, July 29th. Fastenal’s dividend payout ratio is presently 84.62%.

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.