173,731 Shares in Fastenal Company $FAST Purchased by Weiss Asset Management LP

Weiss Asset Management LP acquired a new position in shares of Fastenal Company (NASDAQ:FAST) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 173,731 shares of the company’s stock, valued at approximately $8,061,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Elyxium Wealth LLC bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $25,000. Palladiem LLC bought a new position in Fastenal in the 4th quarter worth approximately $25,000. Evergreen Advisors LLC bought a new position in Fastenal in the 1st quarter worth approximately $26,000. MV Capital Management Inc. acquired a new position in Fastenal during the 4th quarter worth $29,000. Finally, Field & Main Bank acquired a new position in Fastenal during the 4th quarter worth $30,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analysts Set New Price Targets

FAST has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Bank of America raised their price target on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Finally, Morgan Stanley boosted their price objective on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $48.83.

Fastenal Price Performance

FAST opened at $47.02 on Friday. The company has a fifty day moving average price of $45.92 and a two-hundred day moving average price of $45.35. The firm has a market capitalization of $53.96 billion, a PE ratio of 39.85, a P/E/G ratio of 2.94 and a beta of 0.72. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting 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 the consensus estimate of $2.34 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. As a group, analysts anticipate that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.2%. Fastenal’s payout ratio is currently 81.36%.

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.