Ellenbecker Investment Group Buys 76,401 Shares of Fastenal Company $FAST

Ellenbecker Investment Group lifted its stake in Fastenal Company (NASDAQ:FAST) by 574.6% in the 1st quarter, HoldingsChannel reports. The firm owned 89,698 shares of the company’s stock after buying an additional 76,401 shares during the quarter. Fastenal accounts for 0.6% of Ellenbecker Investment Group’s portfolio, making the stock its 16th biggest position. Ellenbecker Investment Group’s holdings in Fastenal were worth $4,162,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Elyxium Wealth LLC purchased a new position in shares of Fastenal during the fourth quarter valued at about $25,000. Palladiem LLC purchased a new stake in Fastenal in the fourth quarter worth about $25,000. MV Capital Management Inc. bought a new stake in Fastenal during the 4th quarter valued at approximately $29,000. Field & Main Bank bought a new stake in Fastenal during the 4th quarter valued at approximately $30,000. Finally, Tucker Asset Management LLC bought a new stake in Fastenal during the 4th quarter valued at approximately $33,000. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $48.03 on Wednesday. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63. The firm’s 50-day simple moving average is $45.16 and its two-hundred day simple moving average is $44.75. The stock has a market cap of $55.14 billion, a PE ratio of 42.13, a price-to-earnings-growth ratio of 3.02 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39.

Fastenal (NASDAQ:FAST) last released its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the business earned $0.52 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. Analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, April 28th. Fastenal’s dividend payout ratio is currently 84.21%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Bank of America increased their target price on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Wolfe Research dropped their price target on Fastenal from $46.00 to $45.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 14th. DA Davidson initiated coverage on Fastenal in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Finally, Morgan Stanley reiterated a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a report on Thursday, March 5th. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus target price of $49.57.

About Fastenal

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.