Harvest Fund Management Co. Ltd Boosts Position in Fastenal Company $FAST

Harvest Fund Management Co. Ltd raised its position in Fastenal Company (NASDAQ:FAST) by 27.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 83,997 shares of the company’s stock after purchasing an additional 18,124 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Fastenal were worth $4,118,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FAST. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Fastenal in the 2nd quarter worth about $27,000. MV Capital Management Inc. increased its holdings in Fastenal by 96.1% during the 2nd quarter. MV Capital Management Inc. now owns 712 shares of the company’s stock valued at $30,000 after acquiring an additional 349 shares in the last quarter. SOA Wealth Advisors LLC. increased its holdings in Fastenal by 71.6% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 611 shares of the company’s stock valued at $30,000 after acquiring an additional 255 shares in the last quarter. REAP Financial Group LLC acquired a new position in Fastenal during the third quarter worth about $30,000. Finally, First Horizon Corp acquired a new position in Fastenal during the third quarter worth about $33,000. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insiders Place Their Bets

In related news, Director Scott Satterlee sold 15,964 shares of the company’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the transaction, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. This represents a 24.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the transaction, the director owned 40,000 shares in the company, valued at $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $45.46 on Friday. The company has a market cap of $52.20 billion, a PE ratio of 41.33, a price-to-earnings-growth ratio of 2.88 and a beta of 0.88. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. The company has a 50-day simple moving average of $44.91 and a 200-day simple moving average of $44.18.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently commented on FAST. Morgan Stanley reiterated a “positive” rating and issued a $45.00 price target on shares of Fastenal in a research report on Thursday, March 5th. UBS Group restated a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 target price on Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $48.83.

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.