OLD Point Trust & Financial Services N A Invests $34,000 in Fastenal Company $FAST

OLD Point Trust & Financial Services N A purchased a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 800 shares of the company’s stock, valued at approximately $34,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its stake in shares of Fastenal by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock worth $3,817,000 after acquiring an additional 130 shares during the period. Welch & Forbes LLC grew its position in Fastenal by 0.4% during the first quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after buying an additional 135 shares during the period. Principal Securities Inc. grew its position in Fastenal by 0.9% during the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after buying an additional 140 shares during the period. Essex Financial Services Inc. grew its position in Fastenal by 1.7% during the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock worth $688,000 after buying an additional 147 shares during the period. Finally, Integrated Wealth Concepts LLC grew its position in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

Shares of FAST opened at $42.60 on Thursday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. The company has a market capitalization of $48.91 billion, a price-to-earnings ratio of 39.81, a PEG ratio of 3.95 and a beta of 0.94. The company’s 50 day simple moving average is $47.50 and its 200 day simple moving average is $44.09. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.26 EPS. On average, sell-side analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Analyst Upgrades and Downgrades

FAST has been the topic of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. Northcoast Research initiated coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating on the stock. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, Barclays set a $45.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $46.50.

Insider Activity at Fastenal

In related news, Director Hsenghung Sam Hsu purchased 1,000 shares of the business’s stock in a transaction on Thursday, October 16th. The shares were bought at an average price of $42.45 per share, with a total value of $42,450.00. Following the completion of the purchase, the director directly owned 9,000 shares in the company, valued at approximately $382,050. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 90,178 shares of company stock worth $4,336,603. Company insiders own 0.37% of the company’s stock.

Fastenal Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.