Fastenal Company $FAST Stake Increased by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC raised its position in shares of Fastenal Company (NASDAQ:FAST) by 11.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,107 shares of the company’s stock after purchasing an additional 12,779 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Fastenal were worth $6,048,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Fastenal in the second quarter worth $26,000. Evergreen Advisors LLC purchased a new stake in Fastenal in the 1st quarter worth approximately $26,000. Raleigh Capital Management Inc. lifted its stake in Fastenal by 69.6% in the first quarter. Raleigh Capital Management Inc. now owns 748 shares of the company’s stock worth $35,000 after acquiring an additional 307 shares during the period. Frazier Financial Advisors LLC bought a new stake in shares of Fastenal during the 2nd quarter valued at about $38,000. Finally, Paladin Partners LLC bought a new stake in Fastenal during the 2nd quarter valued at approximately $39,000. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Rita Heise sold 34,964 shares of the business’s stock in a transaction 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 sale, the director 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 SEC, which is accessible through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the company’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 sale, the director directly owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FAST has been the topic of a number of research reports. Barclays dropped their target price on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Robert W. Baird boosted their price target on Fastenal from $59.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Wolfe Research began coverage on Fastenal in a report on Tuesday, September 15th. They issued an “underperform” rating and a $51.00 target price on the stock. Finally, DA Davidson set a $51.00 price target on shares of Fastenal and gave the stock a “neutral” rating in a research report on Tuesday, October 13th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Fastenal presently has an average rating of “Hold” and a consensus target price of $50.83.

Fastenal Trading Up 1.2%

FAST stock opened at $51.65 on Wednesday. The company has a market capitalization of $59.27 billion, a price-to-earnings ratio of 41.65, a PEG ratio of 3.07 and a beta of 0.69. The business has a 50 day simple moving average of $50.31 and a two-hundred day simple moving average of $47.61. 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 current ratio of 3.93 and a quick ratio of 2.11.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.44 billion. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. Fastenal’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. Research analysts anticipate that Fastenal Company will post 1.27 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, October 28th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, October 28th. Fastenal’s dividend payout ratio is 83.87%.

Fastenal Profile

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.