Bayesian Capital Management LP Acquires Shares of 32,906 Fastenal (NASDAQ:FAST)

Bayesian Capital Management LP bought a new position in shares of Fastenal (NASDAQ:FAST) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 32,906 shares of the company’s stock, valued at approximately $2,538,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Hartford Financial Management Inc. increased its stake in shares of Fastenal by 46.9% during the fourth 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 grew its stake in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock valued at $32,000 after acquiring an additional 391 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Fastenal during the 4th quarter valued at about $35,000. LRI Investments LLC acquired a new position in Fastenal in the 1st quarter valued at about $39,000. Finally, Criterion Capital Advisors LLC acquired a new position in Fastenal in the 4th quarter valued at about $43,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST traded down $0.14 during trading hours on Tuesday, reaching $70.65. 1,216,559 shares of the company’s stock were exchanged, compared to its average volume of 3,684,168. The firm has a market capitalization of $40.46 billion, a price-to-earnings ratio of 35.17, a P/E/G ratio of 3.79 and a beta of 1.01. The company has a 50-day moving average of $65.28 and a 200 day moving average of $68.97. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. Fastenal has a 1-year low of $53.83 and a 1-year high of $79.04.

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

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 77.61%.

Insider Transactions at Fastenal

In other news, Director Hsenghung Sam Hsu bought 500 shares of Fastenal stock in a transaction dated Monday, June 10th. The stock was bought at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the purchase, the director now owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Hsenghung Sam Hsu acquired 500 shares of Fastenal stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $63.28 per share, for a total transaction of $31,640.00. Following the completion of the purchase, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP James C. Jansen sold 11,428 shares of the firm’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 owns 26,176 shares of the company’s stock, valued at approximately $1,677,096.32. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

FAST has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. HSBC increased their target price on shares of Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research report on Monday, April 15th. Stephens reaffirmed an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a research report on Monday, July 15th. Robert W. Baird dropped their target price on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Finally, Jefferies Financial Group dropped their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus price target of $66.67.

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.