37,801 Shares in Fastenal Company $FAST Bought by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC bought a new stake in Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 37,801 shares of the company’s stock, valued at approximately $1,816,000.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC bought a new position in Fastenal in the fourth quarter valued at approximately $496,000. Integrated Wealth Concepts LLC grew its stake in shares of 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 buying an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Fastenal in the second quarter valued at $158,000. Jump Financial LLC acquired a new position in Fastenal during the second quarter worth $2,199,000. Finally, Cary Street Partners Financial LLC increased its holdings in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock worth $141,000 after buying an additional 1,771 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Weiss Ratings downgraded shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Morgan Stanley lifted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and an average target price of $49.17.

Insider Activity

In related news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $51.26 on Monday. The stock has a market cap of $58.82 billion, a P/E ratio of 43.44, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The stock has a 50 day simple moving average of $47.96 and a 200 day simple moving average of $46.38.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company’s revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS. On average, research analysts predict that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

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

Fastenal Company 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.