Fastenal Company $FAST Shares Purchased by Commonwealth Financial Services LLC

Commonwealth Financial Services LLC boosted its holdings in Fastenal Company (NASDAQ:FAST) by 99.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 7,550 shares of the company’s stock after buying an additional 3,765 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Fastenal were worth $317,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Riverview Trust Co grew its position in Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares in the last quarter. Hilltop National Bank purchased a new position in Fastenal during the 2nd quarter worth approximately $27,000. Armstrong Advisory Group Inc. grew its position in Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after purchasing an additional 348 shares in the last quarter. AdvisorNet Financial Inc grew its position in Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after purchasing an additional 342 shares in the last quarter. Finally, Clean Yield Group grew its position in Fastenal by 100.0% during the 2nd quarter. Clean Yield Group now owns 696 shares of the company’s stock worth $29,000 after purchasing an additional 348 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Trading Down 2.0%

Shares of NASDAQ:FAST opened at $45.78 on Friday. The firm has a fifty day moving average of $48.26 and a two-hundred day moving average of $43.91. The firm has a market capitalization of $52.54 billion, a P/E ratio of 44.02, a price-to-earnings-growth ratio of 4.15 and a beta of 0.94. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. On average, equities analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. Fastenal’s payout ratio is presently 84.62%.

Insider Buying and Selling at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares of the company’s stock, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 in the last 90 days. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on FAST shares. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Northcoast Research started coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a “neutral” rating on the stock. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research report on Thursday, July 3rd. Stephens lifted their price objective on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Finally, Robert W. Baird raised shares of Fastenal from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $47.00 to $55.00 in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.41.

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.