Wealth Enhancement Advisory Services LLC Increases Stake in Fastenal Company $FAST

Wealth Enhancement Advisory Services LLC increased its stake in Fastenal Company (NASDAQ:FAST) by 56.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,474,717 shares of the company’s stock after acquiring an additional 529,606 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Fastenal were worth $61,273,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Fastenal by 1.6% during the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company’s stock worth $7,430,322,000 after acquiring an additional 2,346,045 shares during the last quarter. National Pension Service lifted its stake in shares of Fastenal by 3.6% in the 3rd quarter. National Pension Service now owns 1,558,579 shares of the company’s stock valued at $76,433,000 after purchasing an additional 53,888 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Fastenal by 6.3% during the 3rd quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company’s stock worth $181,626,000 after purchasing an additional 219,154 shares during the period. Franklin Resources Inc. grew its holdings in shares of Fastenal by 1.2% during the 3rd quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company’s stock worth $362,282,000 after purchasing an additional 90,095 shares during the period. Finally, Fifth Third Wealth Advisors LLC increased its position in Fastenal by 7,923.2% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 1,268,795 shares of the company’s stock worth $62,222,000 after purchasing an additional 1,252,981 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Reyne K. Wisecup sold 36,920 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Scott Satterlee sold 15,964 shares of the firm’s stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director owned 50,000 shares of the company’s stock, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by company insiders.

Fastenal Trading Down 1.6%

FAST opened at $43.76 on Monday. The firm’s 50 day moving average is $45.27 and its 200-day moving average is $43.93. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $50.25 billion, a P/E ratio of 39.78, a P/E/G ratio of 2.79 and a beta of 0.88.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share. Analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, January 29th. This is an increase from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is currently 87.27%.

Analysts Set New Price Targets

Several research firms recently commented on FAST. Benchmark restated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Morgan Stanley reissued a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a report on Wednesday, January 21st. Barclays increased their price target on Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, March 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Fastenal in a research note on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $48.83.

Fastenal Company Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.