Klingman & Associates LLC Makes New $303,000 Investment in Fastenal Company $FAST

Klingman & Associates LLC acquired a new position in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,214 shares of the company’s stock, valued at approximately $303,000.

Other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co increased its stake 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. Hilltop National Bank bought a new position in shares of Fastenal in the 2nd quarter worth about $27,000. Private Wealth Management Group LLC increased its stake in shares of Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after acquiring an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. increased its stake in shares of Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after acquiring an additional 348 shares in the last quarter. Finally, AdvisorNet Financial Inc increased its stake in shares of Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after acquiring an additional 342 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Stock Performance

Shares of FAST stock opened at $43.32 on Wednesday. The company’s 50-day moving average is $47.63 and its 200 day moving average is $44.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The company has a market capitalization of $49.73 billion, a price-to-earnings ratio of 40.49, a price-to-earnings-growth ratio of 3.92 and a beta of 0.94. Fastenal Company has a one year low of $35.31 and a one year high of $50.63.

Fastenal (NASDAQ:FAST) last announced 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 analysts’ expectations of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. Sell-side analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is presently 82.24%.

Analyst Upgrades and Downgrades

FAST has been the subject of several research reports. Northcoast Research initiated coverage on shares of Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating for the company. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. Finally, Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.50.

Insider Activity at Fastenal

In other news, insider Jeffery Michael Watts sold 48,724 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider owned 11,880 shares of the company’s stock, valued at $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,178 shares of company stock worth $4,336,603. 0.37% of the stock is owned by insiders.

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.