Fastenal Company $FAST Shares Newly Bought by Verus Wealth Management LLC

Verus Wealth Management LLC acquired a new position in Fastenal Company (NASDAQ:FAST) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 52,501 shares of the company’s stock, valued at approximately $2,600,000. Fastenal comprises approximately 1.6% of Verus Wealth Management LLC’s holdings, making the stock its 20th largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FAST. McCollum Christoferson Group LLC boosted its holdings in Fastenal by 0.6% in the third quarter. McCollum Christoferson Group LLC now owns 49,255 shares of the company’s stock worth $2,440,000 after purchasing an additional 290 shares in the last quarter. Sax Wealth Advisors LLC increased its position in Fastenal by 27.8% during the third quarter. Sax Wealth Advisors LLC now owns 11,839 shares of the company’s stock worth $586,000 after buying an additional 2,577 shares during the last quarter. Fragasso Financial Advisors Inc acquired a new position in Fastenal during the third quarter worth $215,000. NorthCrest Asset Manangement LLC increased its position in Fastenal by 55.0% during the third quarter. NorthCrest Asset Manangement LLC now owns 45,664 shares of the company’s stock worth $2,306,000 after buying an additional 16,212 shares during the last quarter. Finally, Armstrong Advisory Group Inc. raised its holdings in Fastenal by 40.3% during the third quarter. Armstrong Advisory Group Inc. now owns 1,121 shares of the company’s stock valued at $56,000 after buying an additional 322 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Activity

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Rita Heise sold 34,964 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by insiders.

Fastenal Stock Performance

Shares of NASDAQ FAST traded down $0.06 during trading hours on Tuesday, hitting $51.43. 10,055,159 shares of the stock were exchanged, compared to its average volume of 7,788,042. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. The company’s 50 day moving average is $50.33 and its 200 day moving average is $47.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The firm has a market capitalization of $59.02 billion, a P/E ratio of 43.59, a P/E/G ratio of 3.15 and a beta of 0.69.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, July 14th. The company reported $0.33 EPS 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 firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the firm posted $0.29 EPS. The business’s quarterly revenue was up 14.7% on a year-over-year basis. On average, research analysts expect that Fastenal Company will post 1.26 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings raised Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Barclays decreased their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Morgan Stanley raised their price objective on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Finally, DA Davidson set a $51.00 price objective on Fastenal in a research note on Tuesday. 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, the stock presently has an average rating of “Hold” and a consensus price target of $49.92.

Fastenal Profile

Fastenal Company is a distributor of industrial and construction supplies serving businesses, contractors, manufacturers and other organizations. Its product offerings include fasteners such as bolts, nuts and screws, as well as safety equipment, tools, cutting tools, material-handling products, electrical and plumbing supplies, and maintenance and repair items.

The company sells products through a network of branch locations, onsite customer facilities, industrial vending machines and digital platforms.