Manitou Investment Management Ltd. Has $33,000 Stock Holdings in Fastenal Company $FAST

Manitou Investment Management Ltd. raised its stake in shares of Fastenal Company (NASDAQ:FAST) by 100.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 784 shares of the company’s stock after purchasing an additional 392 shares during the quarter. Manitou Investment Management Ltd.’s holdings in Fastenal were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FAST. Brighton Jones LLC acquired a new stake in shares of Fastenal in the fourth quarter worth $496,000. GAMMA Investing LLC grew its stake in shares of Fastenal by 11.4% in the first quarter. GAMMA Investing LLC now owns 21,847 shares of the company’s stock worth $1,694,000 after acquiring an additional 2,240 shares during the last quarter. CX Institutional grew its stake in shares of Fastenal by 10.5% in the first quarter. CX Institutional now owns 4,851 shares of the company’s stock worth $376,000 after acquiring an additional 462 shares during the last quarter. Simon Quick Advisors LLC grew its stake in shares of Fastenal by 20.0% in the first quarter. Simon Quick Advisors LLC now owns 3,612 shares of the company’s stock worth $280,000 after acquiring an additional 603 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Fastenal by 16.4% in the first quarter. Fifth Third Bancorp now owns 38,784 shares of the company’s stock worth $3,008,000 after acquiring an additional 5,474 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Down 2.0%

FAST opened at $45.78 on Friday. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The firm’s fifty day moving average price is $48.26 and its two-hundred day moving average price is $43.91. The company has a market capitalization of $52.54 billion, a P/E ratio of 44.02, a P/E/G ratio of 4.15 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 earnings per share. On average, analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Fastenal’s payout ratio is presently 84.62%.

Insider Buying and Selling

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the transaction, the chief financial officer directly owned 10,192 shares of the company’s stock, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares of the company’s stock, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock valued at $5,288,364 in the last ninety days. Insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FAST. Robert W. Baird upgraded shares of Fastenal from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. Loop Capital restated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Baird R W upgraded shares of Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Stephens lifted their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fastenal has an average rating of “Hold” and an average price target of $47.41.

Fastenal 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.