Metis Global Partners LLC Increases Position in Fastenal Company $FAST

Metis Global Partners LLC increased its position in Fastenal Company (NASDAQ:FAST) by 81.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 64,444 shares of the company’s stock after buying an additional 28,854 shares during the quarter. Metis Global Partners LLC’s holdings in Fastenal were worth $2,707,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FAST. Riverview Trust Co boosted its stake in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock worth $25,000 after purchasing an additional 292 shares during the period. Hilltop National Bank bought a new position in shares of Fastenal during the second quarter worth $27,000. Private Wealth Management Group LLC grew its stake in Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after acquiring an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. increased its holdings in Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after purchasing an additional 342 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Fastenal stock opened at $40.85 on Monday. Fastenal Company has a 12-month low of $35.31 and a 12-month 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 firm has a 50-day moving average price of $45.57 and a 200-day moving average price of $44.41. The firm has a market capitalization 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.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.26 earnings per share. As a group, equities research analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Robert W. Baird reduced their price target on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Barclays set a $45.00 price objective on shares of Fastenal and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.50.

Insiders Place Their Bets

In other 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 sale, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the stock in a transaction dated Thursday, October 16th. The shares were bought at an average cost of $42.45 per share, with a total value of $42,450.00. Following the completion of the purchase, the director directly owned 9,000 shares of the company’s stock, valued at approximately $382,050. This trade represents a 12.50% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 0.37% of the company’s stock.

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.