HBK Sorce Advisory LLC Makes New Investment in Fastenal (NASDAQ:FAST)

HBK Sorce Advisory LLC purchased a new position in shares of Fastenal (NASDAQ:FAST) in the first quarter, according to its most recent filing with the SEC. The firm purchased 3,721 shares of the company’s stock, valued at approximately $287,000.

A number of other large investors have also recently bought and sold shares of the business. Hartford Financial Management Inc. boosted its position in shares of Fastenal by 46.9% during the 4th quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after purchasing an additional 153 shares in the last quarter. MCF Advisors LLC boosted its position in shares of Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after purchasing an additional 391 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Fastenal during the 4th quarter worth about $35,000. Criterion Capital Advisors LLC bought a new position in shares of Fastenal during the 4th quarter worth about $43,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Fastenal by 283.2% during the 4th quarter. First Horizon Advisors Inc. now owns 755 shares of the company’s stock worth $49,000 after purchasing an additional 558 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

FAST stock traded down $0.94 during midday trading on Friday, reaching $67.89. 3,226,264 shares of the company’s stock traded hands, compared to its average volume of 3,754,945. The company has a 50-day moving average price of $65.04 and a two-hundred day moving average price of $68.60. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.49 and a current ratio of 4.39. Fastenal has a 52 week low of $53.83 and a 52 week high of $79.04. The firm has a market capitalization of $38.87 billion, a PE ratio of 34.10, a price-to-earnings-growth ratio of 3.77 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 earnings per share for the quarter, hitting the consensus estimate of $0.51. The firm had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. As a group, equities analysts anticipate that Fastenal will post 2.06 EPS for the current year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, July 25th. This represents a $1.56 annualized dividend and a dividend yield of 2.30%. Fastenal’s payout ratio is currently 77.61%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FAST shares. Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday. HSBC boosted their target price on Fastenal from $59.00 to $64.00 and gave the stock a “hold” rating in a research note on Monday, April 15th. Robert W. Baird cut their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 7th. Loop Capital cut their target price on Fastenal from $71.00 to $66.00 and set a “hold” rating on the stock in a research note on Monday, April 15th. Finally, Jefferies Financial Group cut their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $66.67.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu bought 500 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was bought at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the transaction, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Fastenal news, EVP James C. Jansen sold 11,428 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total transaction of $732,191.96. Following the completion of the sale, the executive vice president now directly owns 26,176 shares in the company, valued at $1,677,096.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Hsenghung Sam Hsu purchased 500 shares of the business’s stock in a transaction on Monday, June 10th. The shares were acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the transaction, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is owned by company insiders.

Fastenal Company 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.