Fortress Financial Group LLC Invests $1.01 Million in Fastenal (NASDAQ:FAST)

Fortress Financial Group LLC bought a new stake in shares of Fastenal (NASDAQ:FAST) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,072 shares of the company’s stock, valued at approximately $1,012,000. Fastenal makes up approximately 1.0% of Fortress Financial Group LLC’s holdings, making the stock its 22nd largest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Integrated Advisors Network LLC raised its stake in Fastenal by 10.3% in the 3rd quarter. Integrated Advisors Network LLC now owns 12,238 shares of the company’s stock worth $874,000 after acquiring an additional 1,140 shares during the last quarter. Valmark Advisers Inc. purchased a new stake in Fastenal in the third quarter valued at approximately $206,000. Golden State Equity Partners increased its holdings in Fastenal by 16.9% in the 3rd quarter. Golden State Equity Partners now owns 8,239 shares of the company’s stock worth $588,000 after buying an additional 1,191 shares during the period. First Trust Direct Indexing L.P. raised its position in Fastenal by 5.3% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 19,782 shares of the company’s stock worth $1,413,000 after buying an additional 997 shares during the last quarter. Finally, Pinnacle Associates Ltd. increased its stake in shares of Fastenal by 77.3% in the third quarter. Pinnacle Associates Ltd. now owns 8,771 shares of the company’s stock worth $626,000 after acquiring an additional 3,823 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

Fastenal stock opened at $74.09 on Friday. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The stock has a market cap of $42.48 billion, a P/E ratio of 36.86, a PEG ratio of 3.58 and a beta of 1.02. The company has a 50-day moving average price of $74.08 and a 200 day moving average price of $74.54. Fastenal has a 12-month low of $61.36 and a 12-month high of $84.88.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS. Sell-side analysts anticipate that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, January 31st will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.32%. This is an increase from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, January 31st. Fastenal’s dividend payout ratio (DPR) is presently 85.57%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FAST shares. Stifel Nicolaus decreased their target price on shares of Fastenal from $86.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Jefferies Financial Group increased their target price on Fastenal from $74.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Wolfe Research boosted their price objective on Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a research note on Thursday, January 16th. UBS Group started coverage on shares of Fastenal in a report on Wednesday, November 13th. They set a “neutral” rating and a $88.00 target price for the company. Finally, Hsbc Global Res cut shares of Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.91.

About Fastenal

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.