Fastenal Company $FAST Shares Bought by MAI Capital Management

MAI Capital Management grew its stake in shares of Fastenal Company (NASDAQ:FAST) by 514.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 169,840 shares of the company’s stock after purchasing an additional 142,180 shares during the period. MAI Capital Management’s holdings in Fastenal were worth $8,329,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FAST. SOA Wealth Advisors LLC. boosted its holdings in Fastenal by 71.6% during the third quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock worth $30,000 after buying an additional 255 shares in the last quarter. REAP Financial Group LLC acquired a new stake in shares of Fastenal during the 3rd quarter valued at approximately $30,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Fastenal during the 2nd quarter valued at approximately $27,000. First Horizon Corp purchased a new stake in shares of Fastenal during the 3rd quarter worth approximately $33,000. Finally, Financial Perspectives Inc grew its holdings in shares of Fastenal by 414.0% in the 3rd quarter. Financial Perspectives Inc now owns 699 shares of the company’s stock worth $34,000 after acquiring an additional 563 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Trading Up 2.4%

Shares of FAST stock opened at $45.68 on Friday. The company has a market capitalization of $52.45 billion, a price-to-earnings ratio of 41.53, a PEG ratio of 2.85 and a beta of 0.89. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average price of $43.81 and a 200 day moving average price of $44.40. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, hitting the consensus estimate of $0.26. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. Fastenal’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 EPS. Research analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were issued a $0.24 dividend. The ex-dividend date was Thursday, January 29th. This is a positive change from Fastenal’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal’s payout ratio is presently 87.27%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FAST shares. Barclays set a $43.00 price objective on Fastenal and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Wolfe Research lowered their price objective on shares of Fastenal from $43.00 to $42.00 and set an “underperform” rating on the stock in a research note on Wednesday, January 21st. UBS Group restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a report on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $48.18.

Insider Buying and Selling

In related news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the completion of the transaction, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.37% of the company’s stock.

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.