Spinnaker Trust Purchases 8,586 Shares of Fastenal Company $FAST

Spinnaker Trust increased its position in shares of Fastenal Company (NASDAQ:FAST) by 100.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,172 shares of the company’s stock after acquiring an additional 8,586 shares during the period. Spinnaker Trust’s holdings in Fastenal were worth $721,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of FAST. Vanguard Group Inc. grew its holdings in shares of Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company’s stock worth $5,685,754,000 after purchasing an additional 1,016,479 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Fastenal by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after buying an additional 1,850,871 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Fastenal by 103.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock worth $408,849,000 after buying an additional 4,950,503 shares during the period. Cantillon Capital Management LLC boosted its position in Fastenal by 94.4% during the 2nd quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock worth $390,517,000 after buying an additional 4,513,985 shares during the period. Finally, Baird Financial Group Inc. grew its holdings in Fastenal by 1.7% during the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company’s stock worth $652,875,000 after acquiring an additional 142,972 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FAST has been the subject of several analyst reports. Northcoast Research began coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating for the company. Robert W. Baird decreased their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Finally, Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating 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 assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.50.

Fastenal Stock Up 1.1%

Shares of Fastenal stock opened at $41.55 on Friday. The stock’s 50-day moving average is $46.65 and its 200 day moving average is $44.33. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The firm has a market cap of $47.70 billion, a price-to-earnings ratio of 38.83, a PEG ratio of 3.75 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $2.13 billion during 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 quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm posted $0.26 earnings per share. Equities research analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be given a dividend of $0.22 per share. 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%.

Insider Activity at Fastenal

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 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. This represents a 80.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 90,178 shares of company stock valued at $4,336,603 in the last ninety 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.