Praxis Investment Management Inc. Increases Stock Position in Fastenal Company $FAST

Praxis Investment Management Inc. raised its stake in shares of Fastenal Company (NASDAQ:FAST) by 90.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,466 shares of the company’s stock after purchasing an additional 12,106 shares during the quarter. Praxis Investment Management Inc.’s holdings in Fastenal were worth $1,182,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC purchased a new stake in shares of Fastenal during the 4th quarter valued at $496,000. Integrated Wealth Concepts LLC grew its position in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares in the last quarter. Quantbot Technologies LP purchased a new position in Fastenal in the second quarter worth $158,000. Jump Financial LLC bought a new position in Fastenal in the second quarter valued at $2,199,000. Finally, Cary Street Partners Financial LLC raised its position in Fastenal by 111.0% during the second quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company’s stock valued at $141,000 after purchasing an additional 1,771 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of FAST stock opened at $48.60 on Friday. The company’s fifty day moving average price is $45.34 and its 200-day moving average price is $44.86. The stock has a market cap of $55.79 billion, a PE ratio of 42.63, a price-to-earnings-growth ratio of 3.10 and a beta of 0.72. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $50.63.

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

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is presently 84.21%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FAST. Robert W. Baird cut their price objective on Fastenal from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $42.00 price objective on shares of Fastenal in a research note on Tuesday, April 14th. JPMorgan Chase & Co. lifted their target price on shares of Fastenal from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average target price of $47.08.

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.