Clark & Stuart Inc Buys 85,083 Shares of Fastenal Company $FAST

Clark & Stuart Inc lifted its stake in Fastenal Company (NASDAQ:FAST) by 74.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 198,954 shares of the company’s stock after purchasing an additional 85,083 shares during the period. Fastenal accounts for 6.3% of Clark & Stuart Inc’s portfolio, making the stock its 4th largest position. Clark & Stuart Inc’s holdings in Fastenal were worth $8,356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund increased its stake in shares of Fastenal by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock valued at $3,817,000 after buying an additional 130 shares during the period. Welch & Forbes LLC boosted its holdings in Fastenal by 0.4% in the first quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock valued at $2,559,000 after acquiring an additional 135 shares during the last quarter. Principal Securities Inc. increased its position in Fastenal by 0.9% in the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after purchasing an additional 140 shares during the period. Essex Financial Services Inc. raised its holdings in Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock worth $688,000 after purchasing an additional 147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares during the period. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FAST shares. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research note on Thursday, July 3rd. Northcoast Research initiated coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a “neutral” rating for the company. Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Loop Capital reiterated a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $47.25.

Insiders Place Their Bets

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,230 shares of company stock worth $5,288,364. Company insiders own 0.37% of the company’s stock.

Fastenal Trading Down 0.2%

Shares of NASDAQ FAST opened at $47.78 on Tuesday. The company’s fifty day moving average is $48.20 and its 200-day moving average is $43.71. The stock has a market cap of $54.83 billion, a price-to-earnings ratio of 45.94, a P/E/G ratio of 4.34 and a beta of 0.94. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

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

Fastenal Cuts Dividend

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

Fastenal 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.