Pinnacle West Asset Management Inc. Acquires 3,725 Shares of Fastenal Company $FAST

Pinnacle West Asset Management Inc. raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 102.8% in the 2nd quarter, Holdings Channel reports. The firm owned 7,350 shares of the company’s stock after purchasing an additional 3,725 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in Fastenal were worth $309,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company’s stock worth $5,685,754,000 after purchasing an additional 1,016,479 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. Baird Financial Group Inc. lifted its position in shares of Fastenal by 1.7% during the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company’s stock worth $652,875,000 after purchasing an additional 142,972 shares during the last quarter. Blair William & Co. IL lifted its position in shares of Fastenal by 107.2% during the second quarter. Blair William & Co. IL now owns 6,822,973 shares of the company’s stock worth $286,565,000 after purchasing an additional 3,530,339 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Fastenal by 2.6% during the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company’s stock worth $511,198,000 after purchasing an additional 168,830 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the business’s stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock worth $5,288,364 over the last ninety days. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on FAST. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Loop Capital restated a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. Northcoast Research initiated coverage on Fastenal in a research note on Thursday, August 21st. They set a “neutral” rating on the stock. Stephens raised their price target on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. raised their price target on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $47.41.

Fastenal Price Performance

FAST opened at $45.78 on Friday. The business’s 50-day moving average is $48.26 and its two-hundred day moving average is $43.87. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. 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 firm has a market capitalization of $52.54 billion, a PE ratio of 44.02, a price-to-earnings-growth ratio of 4.23 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) 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 previous year, the firm earned $0.25 earnings per share. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.9%. Fastenal’s dividend payout ratio (DPR) is presently 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.