Concurrent Investment Advisors LLC Has $1.22 Million Stock Holdings in Fastenal Company $FAST

Concurrent Investment Advisors LLC grew its holdings in Fastenal Company (NASDAQ:FAST) by 241.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 28,948 shares of the company’s stock after buying an additional 20,478 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Fastenal were worth $1,216,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 1248 Management LLC acquired a new stake in shares of Fastenal in the first quarter valued at $36,000. Horizon Financial Services LLC increased its stake in shares of Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company’s stock valued at $42,000 after buying an additional 533 shares in the last quarter. Riverview Trust Co increased its stake in shares of Fastenal by 100.0% in the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after buying an additional 292 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Fastenal in the first quarter valued at $49,000. Finally, Hilltop National Bank acquired a new stake in shares of Fastenal in the second quarter valued at $27,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Northcoast Research began coverage on Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating for the company. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Loop Capital reiterated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, Robert W. Baird decreased their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.50.

Fastenal Price Performance

Shares of FAST opened at $42.24 on Thursday. The company has a current ratio of 4.26, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The stock has a market cap of $48.48 billion, a P/E ratio of 39.48, a price-to-earnings-growth ratio of 3.89 and a beta of 0.94. The stock’s 50-day moving average price is $48.06 and its two-hundred day moving average price is $43.95.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the business posted $0.26 EPS. Fastenal’s quarterly revenue was up 11.7% on a year-over-year basis. On average, equities analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s payout ratio is 82.24%.

Insider Activity

In other news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the transaction, the insider owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal 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 disclosure for this sale can be found here. Insiders have sold 90,178 shares of company stock worth $4,336,603 in the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Fastenal Company 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.