15,881 Shares in Fastenal Company $FAST Acquired by Beverly Hills Private Wealth LLC

Beverly Hills Private Wealth LLC acquired a new stake in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 15,881 shares of the company’s stock, valued at approximately $763,000.

Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of Fastenal during the second quarter worth $859,310,000. Norges Bank acquired a new position in shares of Fastenal in the 4th quarter valued at $646,046,000. Wellington Management Group LLP increased its position in shares of Fastenal by 243.5% in the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock valued at $485,380,000 after buying an additional 8,574,208 shares in the last quarter. Bank of America Corp DE increased its position in shares of Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock valued at $648,118,000 after buying an additional 7,943,217 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Fastenal by 14.0% during the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after buying an additional 2,242,116 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

FAST opened at $51.02 on Monday. The stock has a market capitalization of $58.55 billion, a P/E ratio of 43.24, a P/E/G ratio of 3.18 and a beta of 0.72. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The firm’s fifty day simple moving average is $47.47 and its 200 day simple moving average is $46.12. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 EPS. As a group, research analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio is presently 88.14%.

Insider Activity

In related news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wolfe Research reiterated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Robert W. Baird set a $54.00 price target on Fastenal in a research report on Friday, August 7th. Barclays cut their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $49.17.

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.