Newbridge Financial Services Group Inc. Has $1.51 Million Position in Fastenal Company $FAST

Newbridge Financial Services Group Inc. grew its position in Fastenal Company (NASDAQ:FAST) by 90.8% in the third quarter, HoldingsChannel.com reports. The fund owned 30,715 shares of the company’s stock after buying an additional 14,620 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Fastenal were worth $1,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Pinnbrook Capital Management LP bought a new position in Fastenal during the third quarter worth about $3,272,000. Perbak Capital Partners LLP increased its position in Fastenal by 17.1% during the third quarter. Perbak Capital Partners LLP now owns 6,497 shares of the company’s stock worth $319,000 after buying an additional 947 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in Fastenal by 5.8% in the third quarter. Brown Brothers Harriman & Co. now owns 36,830 shares of the company’s stock valued at $1,806,000 after buying an additional 2,010 shares during the period. Eisler Capital Management Ltd. acquired a new stake in shares of Fastenal in the third quarter valued at approximately $226,000. Finally, GeoWealth Management LLC lifted its position in shares of Fastenal by 18.6% in the third quarter. GeoWealth Management LLC now owns 7,402 shares of the company’s stock valued at $363,000 after buying an additional 1,160 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Trading Up 0.5%

FAST stock opened at $45.46 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.41 and a current ratio of 4.85. The company’s 50-day simple moving average is $44.91 and its 200 day simple moving average is $44.18. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The company has a market capitalization of $52.20 billion, a PE ratio of 41.33, a price-to-earnings-growth ratio of 2.88 and a beta of 0.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, hitting the consensus estimate of $0.26. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.46 EPS. As a group, sell-side analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th were given a $0.24 dividend. The ex-dividend date was Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is presently 87.27%.

Insider Buying and Selling

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the transaction, the director owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Satterlee sold 15,964 shares of Fastenal stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the transaction, the director directly owned 50,000 shares of the company’s stock, valued at $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

FAST has been the topic of a number of recent analyst reports. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. UBS Group reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, January 21st. Finally, Robert W. Baird increased their price objective on shares of Fastenal from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, March 6th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $48.83.

Fastenal Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.