NewEdge Wealth LLC Makes New Investment in Fastenal Company $FAST

NewEdge Wealth LLC bought a new stake in Fastenal Company (NASDAQ:FAST) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 136,014 shares of the company’s stock, valued at approximately $6,533,000.

Several other large investors also recently modified their holdings of FAST. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Fastenal during the second quarter worth about $26,000. Evergreen Advisors LLC acquired a new position in shares of Fastenal in the 1st quarter valued at approximately $26,000. Palladiem LLC acquired a new position in shares of Fastenal in the 4th quarter valued at approximately $25,000. Elyxium Wealth LLC bought a new stake in Fastenal during the 4th quarter worth approximately $25,000. Finally, MV Capital Management Inc. bought a new stake in Fastenal during the 4th quarter worth approximately $29,000. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by company insiders.

Fastenal Trading Up 0.3%

NASDAQ FAST opened at $51.44 on Thursday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The stock’s 50 day moving average price is $47.78 and its two-hundred day moving average price is $46.28. The stock has a market capitalization of $59.03 billion, a price-to-earnings ratio of 43.59, a PEG ratio of 3.20 and a beta of 0.72.

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

Fastenal Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FAST. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. 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. Robert W. Baird set a $54.00 target price on shares of Fastenal in a research note on Friday, August 7th. Finally, Morgan Stanley increased their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $49.17.

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.