Griffin Asset Management Inc. Purchases 19,392 Shares of Fastenal Company $FAST

Griffin Asset Management Inc. lifted its position in Fastenal Company (NASDAQ:FAST) by 56.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,982 shares of the company’s stock after buying an additional 19,392 shares during the quarter. Griffin Asset Management Inc.’s holdings in Fastenal were worth $2,166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its position in Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after purchasing an additional 147 shares during the period. Founders Capital Management LLC boosted its position in Fastenal by 2.2% during the fourth quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock worth $418,000 after purchasing an additional 228 shares during the period. L2 Asset Management LLC boosted its position in Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after purchasing an additional 248 shares during the period. KLCM Advisors Inc. boosted its position in Fastenal by 0.8% during the third quarter. KLCM Advisors Inc. now owns 33,800 shares of the company’s stock worth $1,658,000 after purchasing an additional 260 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in Fastenal by 1.4% during the third quarter. Quadrant Capital Group LLC now owns 19,415 shares of the company’s stock worth $952,000 after purchasing an additional 260 shares during the period. 81.38% of the stock is owned by institutional investors.

Fastenal Trading Up 0.3%

FAST opened at $43.68 on Thursday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $50.63. The company has a 50-day simple moving average of $45.17 and a 200 day simple moving average of $43.70. The company has a quick ratio of 2.34, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $50.15 billion, a price-to-earnings ratio of 38.32, a P/E/G ratio of 2.77 and a beta of 0.75.

Fastenal (NASDAQ:FAST) last issued its earnings results on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 earnings per share. Analysts predict that Fastenal Company will post 1.23 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Shareholders of record on Tuesday, April 28th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.96 annualized dividend and a yield of 2.2%. Fastenal’s payout ratio is presently 84.21%.

Insider Buying and Selling

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $47.34, for a total transaction 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. The trade was a 48.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. UBS Group reaffirmed a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, January 21st. Benchmark reaffirmed a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. Barclays lifted their price objective on shares of Fastenal from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a research report on Thursday, March 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $46.00 to $47.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.77.

About Fastenal

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.