Wilmington Savings Fund Society FSB Buys 30,812 Shares of Fastenal Company $FAST

Wilmington Savings Fund Society FSB raised its stake in shares of Fastenal Company (NASDAQ:FAST) by 106.8% in the 2nd quarter, Holdings Channel reports. The firm owned 59,667 shares of the company’s stock after purchasing an additional 30,812 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Fastenal were worth $2,506,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. 1248 Management LLC bought a new position in shares of Fastenal in the 1st quarter worth about $36,000. Horizon Financial Services LLC raised its position in shares of Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company’s stock worth $42,000 after acquiring an additional 533 shares in the last quarter. Riverview Trust Co raised its position in shares of Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after acquiring an additional 292 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Fastenal in the 1st quarter worth about $49,000. Finally, Hilltop National Bank bought a new position in shares of Fastenal in the 2nd quarter worth about $27,000. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

FAST stock opened at $42.24 on Thursday. The company has a market capitalization 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 company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.26. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The business has a 50-day simple moving average of $48.06 and a two-hundred day simple moving average of $43.95.

Fastenal (NASDAQ:FAST) last released its quarterly 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). The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. Fastenal’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS. Research analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, September 4th. Loop Capital restated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Stifel Nicolaus set a $82.00 target price on Fastenal in a research note on Thursday, July 3rd. Robert W. Baird reduced their target price on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fastenal currently has an average rating of “Hold” and an average target price of $46.50.

Insider Transactions at Fastenal

In other news, insider Jeffery Michael Watts sold 48,724 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction that occurred on Friday, August 15th. The stock was 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 in the company, valued at $583,747.98. This trade represents a 36.32% decrease in their position. 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. 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.