Glenview Trust Co Buys Shares of 74,916 Fastenal Company $FAST

Glenview Trust Co purchased a new position in shares of Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 74,916 shares of the company’s stock, valued at approximately $3,476,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new position in Fastenal in the second quarter valued at approximately $5,105,454,000. State Street Corp raised its position in shares of Fastenal by 1.2% during the 4th quarter. State Street Corp now owns 54,734,674 shares of the company’s stock valued at $2,196,502,000 after acquiring an additional 631,889 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company’s stock valued at $1,898,031,000 after acquiring an additional 919,158 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Fastenal by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company’s stock valued at $1,508,216,000 after purchasing an additional 685,047 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Fastenal by 14.0% in the 3rd quarter. Invesco Ltd. now owns 18,215,875 shares of the company’s stock valued at $893,307,000 after purchasing an additional 2,242,116 shares during the period. 81.38% of the stock is owned by institutional investors.

Fastenal Trading Down 0.0%

Shares of NASDAQ FAST opened at $51.13 on Friday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The stock has a market cap of $58.67 billion, a price-to-earnings ratio of 43.33, a P/E/G ratio of 3.19 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’s fifty day moving average is $48.38 and its 200-day moving average is $46.48.

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 during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. Equities research analysts predict that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This is a positive change 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 payout ratio is presently 88.14%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Morgan Stanley lifted their price objective on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Robert W. Baird set a $54.00 target price on Fastenal in a research note on Friday, August 7th. Weiss Ratings upgraded Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.17.

Insider Transactions at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the transaction, the director owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were 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 owned 20,000 shares of the company’s stock, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by insiders.

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.