Proficio Capital Partners LLC Buys Shares of 13,824 Fastenal Company $FAST

Proficio Capital Partners LLC purchased a new position in Fastenal Company (NASDAQ:FAST) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,824 shares of the company’s stock, valued at approximately $664,000.

Several other hedge funds have also recently added to or reduced their stakes in FAST. BlackRock Inc. purchased a new position in shares of Fastenal during the second quarter worth approximately $5,105,454,000. Bank of New York Mellon Corp bought a new stake in Fastenal in the 2nd quarter worth $859,310,000. Norges Bank purchased a new stake in Fastenal in the 4th quarter worth approximately $646,046,000. Wellington Management Group LLP grew 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 worth $485,380,000 after buying an additional 8,574,208 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Fastenal during the second quarter valued at approximately $410,919,000. Institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Fastenal Trading Up 1.7%

Shares of FAST stock opened at $51.15 on Thursday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The firm has a fifty day moving average price of $48.27 and a 200-day moving average price of $46.45. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market cap of $58.69 billion, a price-to-earnings ratio of 43.35, a PEG ratio of 3.14 and a beta of 0.72.

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

Fastenal Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a report on Friday, August 7th. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Finally, DA Davidson restated a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus 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.