Armstrong Henry H Associates Inc. Grows Holdings in Fastenal Company $FAST

Armstrong Henry H Associates Inc. lifted its stake in Fastenal Company (NASDAQ:FAST) by 6.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 288,897 shares of the company’s stock after buying an additional 18,754 shares during the period. Fastenal makes up approximately 1.3% of Armstrong Henry H Associates Inc.’s holdings, making the stock its 9th largest holding. Armstrong Henry H Associates Inc.’s holdings in Fastenal were worth $14,309,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Matrix Trust Co grew its stake in shares of Fastenal by 2.5% in the third quarter. Matrix Trust Co now owns 46,269 shares of the company’s stock worth $2,292,000 after purchasing an additional 1,130 shares during the last quarter. Ferguson Wellman Capital Management Inc. grew its position in shares of Fastenal by 7.1% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 16,235 shares of the company’s stock worth $804,000 after buying an additional 1,081 shares during the last quarter. Rockland Trust Co. increased its stake in shares of Fastenal by 23.1% during the third quarter. Rockland Trust Co. now owns 7,638 shares of the company’s stock valued at $378,000 after buying an additional 1,432 shares during the period. CX Institutional raised its holdings in shares of Fastenal by 1,073.1% during the third quarter. CX Institutional now owns 203,749 shares of the company’s stock valued at $10,092,000 after acquiring an additional 186,381 shares in the last quarter. Finally, QRG Capital Management Inc. raised its holdings in shares of Fastenal by 5.9% during the second quarter. QRG Capital Management Inc. now owns 163,156 shares of the company’s stock valued at $7,836,000 after acquiring an additional 9,105 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

In related news, Director Michael 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 completion of the transaction, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction that occurred on 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 completion of the sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by insiders.

Fastenal Stock Performance

Shares of FAST traded down $0.48 during mid-day trading on Wednesday, hitting $50.33. 1,689,117 shares of the company traded hands, compared to its average volume of 7,777,142. The stock has a market cap of $57.75 billion, a price-to-earnings ratio of 42.67, a P/E/G ratio of 3.15 and a beta of 0.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The stock has a 50-day moving average price of $50.05 and a two-hundred day moving average price of $47.19. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm’s revenue was up 14.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 earnings per share. Equities analysts anticipate 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. Stockholders of record on Tuesday, July 28th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal’s payout ratio is presently 88.14%.

Wall Street Analyst Weigh In

FAST has been the subject of several research analyst reports. Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, September 11th. Robert W. Baird set a $54.00 price objective on Fastenal in a research 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. Wolfe Research began coverage on Fastenal in a research report on Tuesday, September 15th. They set an “underperform” rating and a $51.00 price target on the stock. Finally, DA Davidson restated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $49.50.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies serving businesses, contractors, manufacturers and other organizations. Its product offerings include fasteners such as bolts, nuts and screws, as well as safety equipment, tools, cutting tools, material-handling products, electrical and plumbing supplies, and maintenance and repair items.

The company sells products through a network of branch locations, onsite customer facilities, industrial vending machines and digital platforms.