New York Life Investment Management LLC Acquires 94,981 Shares of Fastenal Company $FAST

New York Life Investment Management LLC boosted its holdings in Fastenal Company (NASDAQ:FAST) by 124.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,592 shares of the company’s stock after acquiring an additional 94,981 shares during the quarter. New York Life Investment Management LLC’s holdings in Fastenal were worth $7,207,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co lifted its position in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after acquiring an additional 292 shares in the last quarter. Hilltop National Bank bought a new position in Fastenal in the 2nd quarter valued at approximately $27,000. Private Wealth Management Group LLC lifted its position in Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after acquiring an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. lifted its position in Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after acquiring an additional 348 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its position in Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after acquiring an additional 342 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the 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 completion of the sale, the insider owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the business’s stock in a transaction on Thursday, October 16th. The stock was acquired at an average price of $42.45 per share, with a total value of $42,450.00. Following the purchase, the director directly owned 9,000 shares in the company, valued at $382,050. This represents a 12.50% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold a total of 90,178 shares of company stock valued at $4,336,603 in the last 90 days. 0.37% of the stock is owned by company insiders.

Fastenal Price Performance

Shares of Fastenal stock opened at $41.09 on Thursday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The stock’s fifty day moving average is $46.80 and its 200 day moving average is $44.35. The stock has a market cap of $47.17 billion, a P/E ratio of 38.40, a P/E/G ratio of 3.80 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the business posted $0.26 earnings per share. Fastenal’s revenue for the quarter was up 11.7% compared to the same quarter last year. Sell-side analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FAST. Morgan Stanley set a $40.00 price objective on Fastenal and gave the company an “equal weight” rating in a research report on Thursday, July 3rd. Robert W. Baird dropped their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Barclays set a $45.00 price target on Fastenal and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. raised their price target on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. Finally, Wolfe Research restated a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.50.

About Fastenal

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.