Maridea Wealth Management LLC Makes New $510,000 Investment in Fastenal Company $FAST

Maridea Wealth Management LLC acquired a new stake in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,623 shares of the company’s stock, valued at approximately $510,000.

Several other large investors have also recently added to or reduced their stakes in FAST. Elyxium Wealth LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at $25,000. Palladiem LLC acquired a new position in Fastenal during the 4th quarter worth $25,000. Evergreen Advisors LLC acquired a new position in Fastenal during the 1st quarter worth $26,000. MV Capital Management Inc. purchased a new stake in Fastenal during the 4th quarter worth about $29,000. Finally, Field & Main Bank purchased a new stake in Fastenal during the 4th quarter worth about $30,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In related news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director directly owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by insiders.

Fastenal Trading Down 0.6%

NASDAQ:FAST opened at $51.02 on Friday. The stock has a 50-day simple moving average of $47.47 and a 200-day simple moving average of $46.10. The stock has a market cap of $58.55 billion, a P/E ratio of 43.24, a P/E/G ratio of 3.18 and a beta of 0.72. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 EPS. As a group, analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal’s dividend payout ratio is 88.14%.

Analyst Ratings Changes

FAST has been the subject of several recent research reports. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Barclays decreased their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Wolfe Research reiterated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Finally, Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $49.17.

Fastenal Company 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.