Delta Global Management LP Purchases New Holdings in Fastenal Company $FAST

Delta Global Management LP purchased a new stake in Fastenal Company (NASDAQ:FAST) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 14,216 shares of the company’s stock, valued at approximately $570,000.

Several other institutional investors have also made changes to their positions in FAST. Integrated Wealth Concepts LLC raised its stake in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares in the last quarter. Sittner & Nelson LLC raised its stake in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares in the last quarter. Founders Capital Management LLC raised its stake in Fastenal by 2.2% in the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after purchasing an additional 228 shares in the last quarter. L2 Asset Management LLC increased its stake in Fastenal by 4.8% in the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after acquiring an additional 248 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. increased its stake in Fastenal by 3.2% in the fourth quarter. Pinnacle West Asset Management Inc. now owns 8,025 shares of the company’s stock valued at $322,000 after acquiring an additional 250 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Shares of FAST opened at $46.05 on Wednesday. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $50.63. The business has a 50-day simple moving average of $45.14 and a two-hundred day simple moving average of $44.35. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The stock has a market cap of $52.87 billion, a PE ratio of 40.40, a PEG ratio of 2.93 and a beta of 0.73.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. Analysts anticipate that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were given a $0.24 dividend. The ex-dividend date was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s payout ratio is 84.21%.

Wall Street Analysts Forecast Growth

FAST has been the topic of a number of recent analyst reports. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Morgan Stanley reaffirmed a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research note on Thursday, March 5th. Bank of America raised their price objective on Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. DA Davidson set a $46.00 price objective on Fastenal and gave the company a “neutral” rating in a research note on Monday. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $49.57.

Fastenal Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.