FSM Wealth Advisors LLC Invests $353,000 in Fastenal Company $FAST

FSM Wealth Advisors LLC bought a new position in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,304 shares of the company’s stock, valued at approximately $353,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FAST. Riverview Trust Co grew its position in Fastenal by 100.0% in the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after buying an additional 292 shares during the last quarter. Hilltop National Bank bought a new stake in shares of Fastenal during the 2nd quarter worth $27,000. Private Wealth Management Group LLC boosted its stake in shares of Fastenal by 111.9% during 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. grew its holdings 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 during the last quarter. Finally, AdvisorNet Financial Inc raised its position in shares of Fastenal by 95.0% during the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after purchasing an additional 342 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FAST. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an “equal weight” rating in a research report on Thursday, July 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Loop Capital reiterated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Stephens boosted their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $46.50.

Insider Transactions at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,178 shares of company stock worth $4,336,603. Corporate insiders own 0.37% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $42.99 on Friday. The firm has a market cap of $49.35 billion, a price-to-earnings ratio of 40.18, a P/E/G ratio of 3.88 and a beta of 0.94. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $47.39 and a 200 day simple moving average of $44.14.

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

Fastenal Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. Fastenal’s payout ratio is presently 82.24%.

About Fastenal

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.