Wealthfront Advisers LLC Grows Position in Fastenal Company $FAST

Wealthfront Advisers LLC raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 105.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 192,192 shares of the company’s stock after purchasing an additional 98,656 shares during the quarter. Wealthfront Advisers LLC’s holdings in Fastenal were worth $8,072,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co lifted its holdings in Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. Hilltop National Bank purchased a new stake in shares of Fastenal in the second quarter worth about $27,000. Private Wealth Management Group LLC lifted its holdings in shares of Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. lifted its holdings in shares of Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock worth $29,000 after buying an additional 348 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its holdings in shares of Fastenal by 95.0% in the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock worth $29,000 after buying an additional 342 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Down 0.8%

Shares of FAST opened at $42.54 on Tuesday. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The firm’s 50 day simple moving average is $47.14 and its 200 day simple moving average is $44.32. The company has a market capitalization of $48.84 billion, a P/E ratio of 39.76, a P/E/G ratio of 3.91 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the previous year, the business earned $0.26 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. Sell-side analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is presently 82.24%.

Insider Buying and Selling at Fastenal

In other news, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the transaction, the insider owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,178 shares of company stock valued at $4,336,603 over the last ninety days. Insiders own 0.37% of the company’s stock.

Wall Street Analysts Forecast Growth

FAST has been the topic of a number of recent analyst reports. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Northcoast Research initiated coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating on the stock. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a report on Thursday, July 3rd. Finally, Barclays set a $45.00 price target on shares of Fastenal and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $46.50.

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.