Waterfront Wealth Inc. Has $260,000 Position in Fastenal Company $FAST

Waterfront Wealth Inc. increased its stake in Fastenal Company (NASDAQ:FAST) by 100.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,198 shares of the company’s stock after purchasing an additional 3,099 shares during the quarter. Waterfront Wealth Inc.’s holdings in Fastenal were worth $260,000 at the end of the most recent reporting period.

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

Fastenal Stock Performance

Fastenal stock opened at $41.09 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The stock has a fifty day moving average price of $46.80 and a two-hundred day moving average price of $44.35. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The firm has a market capitalization 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.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the company earned $0.26 earnings per share. The business’s revenue was up 11.7% compared to the same quarter last year. As a group, analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal’s dividend payout ratio is currently 82.24%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays set a $45.00 price objective on Fastenal and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. Baird R W raised Fastenal from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Loop Capital reissued a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. increased their price objective on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $46.50.

Insider Buying and Selling

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction on Thursday, October 16th. The shares were bought at an average price of $42.45 per share, with a total value of $42,450.00. Following the completion of the purchase, the director directly owned 9,000 shares of the company’s stock, valued at approximately $382,050. This represents a 12.50% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 90,178 shares of company stock valued at $4,336,603. 0.37% of the stock is owned by insiders.

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.