Verus Wealth Management LLC Makes New Investment in Fastenal Company $FAST

Verus Wealth Management LLC purchased a new position in Fastenal Company (NASDAQ:FAST) during the 3rd quarter, Holdings Channel reports. The firm purchased 52,501 shares of the company’s stock, valued at approximately $2,600,000. Fastenal accounts for about 1.6% of Verus Wealth Management LLC’s holdings, making the stock its 20th largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. McCollum Christoferson Group LLC grew its position in Fastenal by 0.6% during the third quarter. McCollum Christoferson Group LLC now owns 49,255 shares of the company’s stock worth $2,440,000 after buying an additional 290 shares in the last quarter. Sax Wealth Advisors LLC increased its stake in Fastenal by 27.8% during the third quarter. Sax Wealth Advisors LLC now owns 11,839 shares of the company’s stock valued at $586,000 after acquiring an additional 2,577 shares during the period. Fragasso Financial Advisors Inc acquired a new position in Fastenal in the 3rd quarter valued at approximately $215,000. NorthCrest Asset Manangement LLC raised its holdings in Fastenal by 55.0% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 45,664 shares of the company’s stock valued at $2,306,000 after acquiring an additional 16,212 shares in the last quarter. Finally, Armstrong Advisory Group Inc. lifted its position in Fastenal by 40.3% in the third quarter. Armstrong Advisory Group Inc. now owns 1,121 shares of the company’s stock worth $56,000 after purchasing an additional 322 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST traded down $0.06 during mid-day trading on Tuesday, reaching $51.43. The company had a trading volume of 10,055,159 shares, compared to its average volume of 7,788,042. 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 capitalization of $59.02 billion, a P/E ratio of 43.59, a P/E/G ratio of 3.15 and a beta of 0.69. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The company’s 50-day moving average is $50.33 and its 200-day moving average is $47.41.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a report on Friday, August 7th. Weiss Ratings upgraded shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Barclays decreased their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 16th. Finally, Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $49.92.

Insider Buying and Selling at Fastenal

In other news, Director Rita Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of the company’s 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 sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Fastenal Profile

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.