Founders Capital Management LLC Acquires 5,100 Shares of Fastenal Company $FAST

Founders Capital Management LLC lifted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 100.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,200 shares of the company’s stock after acquiring an additional 5,100 shares during the quarter. Founders Capital Management LLC’s holdings in Fastenal were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its stake in Fastenal by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock worth $3,817,000 after buying an additional 130 shares in the last quarter. Welch & Forbes LLC boosted its position in shares of Fastenal by 0.4% in the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after purchasing an additional 135 shares in the last quarter. Principal Securities Inc. increased its position in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock valued at $1,142,000 after buying an additional 140 shares in the last quarter. Salvus Wealth Management LLC boosted its holdings in Fastenal by 1.6% in the first quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company’s stock worth $698,000 after acquiring an additional 141 shares in the last quarter. Finally, Essex Financial Services Inc. increased its stake in Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock valued at $688,000 after purchasing an additional 147 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Insider Transactions at Fastenal

In other news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 over the last quarter. 0.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FAST has been the topic of several recent analyst reports. Loop Capital reiterated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. Finally, Northcoast Research started coverage on shares of Fastenal in a research note on Thursday, August 21st. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.82.

Fastenal Price Performance

NASDAQ:FAST opened at $47.58 on Monday. The firm has a market capitalization of $54.60 billion, a price-to-earnings ratio of 45.75, a PEG ratio of 4.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The business has a 50 day simple moving average of $47.84 and a 200-day simple moving average of $42.95. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. Fastenal’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal’s payout ratio is currently 84.62%.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.