Drystone LLC Boosts Holdings in Fastenal Company $FAST

Drystone LLC boosted its holdings in Fastenal Company (NASDAQ:FAST) by 100.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,000 shares of the company’s stock after purchasing an additional 5,000 shares during the period. Fastenal makes up 0.4% of Drystone LLC’s portfolio, making the stock its 16th largest position. Drystone LLC’s holdings in Fastenal were worth $420,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Fastenal by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company’s stock worth $5,685,754,000 after acquiring an additional 1,016,479 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Fastenal by 87.9% in the second quarter. Bank of New York Mellon Corp now owns 34,851,036 shares of the company’s stock valued at $1,463,743,000 after purchasing an additional 16,308,254 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Fastenal by 103.5% in the second quarter. Envestnet Asset Management Inc. now owns 9,734,500 shares of the company’s stock worth $408,849,000 after purchasing an additional 4,950,503 shares during the last quarter. Finally, Cantillon Capital Management LLC raised its holdings in Fastenal by 94.4% during the 2nd quarter. Cantillon Capital Management LLC now owns 9,298,033 shares of the company’s stock valued at $390,517,000 after buying an additional 4,513,985 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction 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 transaction, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the business’s stock in a transaction dated Thursday, October 16th. The stock was bought at an average cost of $42.45 per share, for a total transaction of $42,450.00. Following the completion of the purchase, the director owned 9,000 shares of the company’s stock, valued at approximately $382,050. The trade was a 12.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on FAST shares. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Loop Capital reissued a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Stephens raised their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 15th. Finally, Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and a consensus price target of $46.50.

Fastenal Stock Performance

Shares of FAST stock opened at $40.85 on Friday. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The stock has a market cap of $46.90 billion, a PE ratio of 38.18, a price-to-earnings-growth ratio of 3.75 and a beta of 0.92. The company’s fifty day moving average price is $45.57 and its 200-day moving average price is $44.36. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share 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 business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the company posted $0.26 EPS. Fastenal’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed 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 yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is 82.24%.

Fastenal 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.