Havemeyer Place LP Acquires New Shares in Fastenal Company $FAST

Havemeyer Place LP acquired a new stake in shares of Fastenal Company (NASDAQ:FAST) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 23,889 shares of the company’s stock, valued at approximately $959,000.

A number of other institutional investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC boosted 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 valued at $487,000 after purchasing an additional 147 shares during the last quarter. Sittner & Nelson LLC boosted its position in Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after purchasing an additional 226 shares during the last quarter. Founders Capital Management LLC boosted its position in Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after purchasing an additional 228 shares during the last quarter. L2 Asset Management LLC boosted its position in Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after purchasing an additional 248 shares during the last quarter. Finally, Pinnacle West Asset Management Inc. boosted its position in Fastenal by 3.2% during the fourth quarter. Pinnacle West Asset Management Inc. now owns 8,025 shares of the company’s stock valued at $322,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research reports. Wolfe Research reduced their price objective on Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. Robert W. Baird reduced their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Barclays set a $46.00 price objective on Fastenal and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Bank of America lifted their price objective on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $49.85.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $46.79 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. The firm has a market cap of $53.72 billion, a price-to-earnings ratio of 41.04, a P/E/G ratio of 2.97 and a beta of 0.73. The business’s 50-day simple moving average is $45.08 and its 200-day simple moving average is $44.03. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS. As a group, equities research analysts expect that Fastenal Company will post 1.24 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s dividend payout ratio is currently 84.21%.

About Fastenal

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.