Newfound Research LLC Increases Stock Holdings in Fastenal (NASDAQ:FAST)

Newfound Research LLC lifted its stake in Fastenal (NASDAQ:FAST) by 28.0% in the third quarter, Holdings Channel.com reports. The firm owned 2,154 shares of the company’s stock after buying an additional 471 shares during the period. Newfound Research LLC’s holdings in Fastenal were worth $111,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Clean Yield Group purchased a new position in shares of Fastenal in the 2nd quarter worth approximately $36,000. Arkadios Wealth Advisors purchased a new position in Fastenal during the 2nd quarter valued at $39,000. RE Advisers Corp purchased a new position in Fastenal during the 2nd quarter valued at $42,000. Sound Income Strategies LLC boosted its holdings in Fastenal by 3,160.0% during the 2nd quarter. Sound Income Strategies LLC now owns 978 shares of the company’s stock valued at $51,000 after acquiring an additional 948 shares during the period. Finally, Strategic Blueprint LLC purchased a new position in Fastenal during the 2nd quarter valued at $52,000. Hedge funds and other institutional investors own 77.48% of the company’s stock.

A number of research firms recently issued reports on FAST. Wells Fargo & Company cut Fastenal from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $50.00 to $45.00 in a report on Friday, October 8th. Stephens boosted their price objective on Fastenal from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 23rd. Loop Capital assumed coverage on Fastenal in a report on Tuesday, August 3rd. They set a “hold” rating and a $52.00 price objective for the company. Finally, Zacks Investment Research upgraded Fastenal from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Tuesday, September 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus price target of $53.71.

Shares of FAST stock traded down $0.04 during mid-day trading on Thursday, hitting $60.89. The stock had a trading volume of 2,702,634 shares, compared to its average volume of 3,042,157. Fastenal has a 12-month low of $43.37 and a 12-month high of $61.76. The firm has a market capitalization of $35.02 billion, a P/E ratio of 39.28, a price-to-earnings-growth ratio of 4.32 and a beta of 1.28. The firm’s 50-day moving average is $55.99 and its two-hundred day moving average is $54.45. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.18 and a quick ratio of 2.07.

Fastenal (NASDAQ:FAST) last issued its earnings results on Tuesday, October 12th. The company reported $0.42 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fastenal had a return on equity of 31.32% and a net margin of 15.25%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.38 EPS. Analysts expect that Fastenal will post 1.57 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 23rd. Stockholders of record on Tuesday, October 26th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Monday, October 25th. Fastenal’s payout ratio is 72.26%.

In other news, VP Reyne K. Wisecup sold 21,428 shares of the company’s stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $56.02, for a total value of $1,200,396.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Lewis Soderberg sold 6,428 shares of the company’s stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $59.36, for a total value of $381,566.08. The disclosure for this sale can be found here. Over the last three months, insiders bought 2,265 shares of company stock valued at $123,294 and sold 60,836 shares valued at $3,432,141. Insiders own 0.56% of the company’s stock.

Fastenal Profile

Fastenal Co engages in the provision of fasteners, tools, and supplies which can help in the manufacture of products, build structures, protect personnel, and maintain facilities and equipment. It products include cutting tools & metalworking, fasteners, material handling, storage & packaging power, transmission & motors, tools & equipment, electricals, abrasives, hydraulics & pneumatics, plumbing, lifting & rigging, raw materials, fleet & automotive, welding, office products & furniture, janitorial and lighting.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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