Maridea Wealth Management LLC Takes Position in Fastenal Company $FAST

Maridea Wealth Management LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, HoldingsChannel reports. The fund bought 10,623 shares of the company’s stock, valued at approximately $510,000.

A number of other institutional investors have also modified their holdings of the business. Wiregrass Investment Management LLC purchased a new position in shares of Fastenal during the fourth quarter worth about $1,020,000. Swiss Life Asset Management Ltd raised its stake in Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock valued at $59,874,000 after acquiring an additional 39,406 shares during the last quarter. Fideuram Asset Management Ireland dac purchased a new stake in Fastenal during the 4th quarter valued at approximately $4,041,000. National Pension Service lifted its position in Fastenal by 2.9% during the 4th quarter. National Pension Service now owns 1,603,839 shares of the company’s stock worth $64,362,000 after acquiring an additional 45,260 shares during the period. Finally, Thrivent Financial for Lutherans lifted its position in Fastenal by 16.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 6,820,172 shares of the company’s stock worth $273,699,000 after acquiring an additional 959,731 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of FAST opened at $51.02 on Friday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The stock’s 50 day moving average is $47.47 and its two-hundred day moving average is $46.10. The firm has a market capitalization of $58.55 billion, a PE ratio of 43.24, a P/E/G ratio of 3.18 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm’s quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 EPS. Research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

Insiders Place Their Bets

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the sale, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FAST. Barclays dropped their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a report on Thursday, July 16th. Wolfe Research reaffirmed an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Finally, DA Davidson reissued a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Fastenal currently has an average rating of “Hold” and a consensus target price of $49.17.

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.