GSA Capital Partners LLP Takes Position in Fastenal Company $FAST

GSA Capital Partners LLP purchased a new stake in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 30,155 shares of the company’s stock, valued at approximately $1,448,000.

A number of other hedge funds have also bought and sold shares of FAST. Norges Bank bought a new position in Fastenal in the 4th quarter valued at $646,046,000. Wellington Management Group LLP raised its stake in shares of Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company’s stock worth $485,380,000 after purchasing an additional 8,574,208 shares during the period. Bank of America Corp DE boosted its holdings in shares of Fastenal by 106.1% in the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company’s stock worth $648,118,000 after buying an additional 7,943,217 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock worth $893,307,000 after buying an additional 2,242,116 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its holdings in Fastenal by 1,039.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,337,722 shares of the company’s stock worth $94,253,000 after buying an additional 2,132,593 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company’s stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $51.02 on Monday. The firm has a market capitalization of $58.55 billion, a PE ratio of 43.24, a P/E/G ratio of 3.18 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $47.47 and a two-hundred day moving average price of $46.12. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 earnings per share. Equities analysts forecast that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently announced 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. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FAST shares. Morgan Stanley boosted their target price on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Finally, DA Davidson reissued a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, six have given 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 target price of $49.17.

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.