32,160 Shares in Fastenal Company $FAST Bought by Portfolio Design Labs LLC

Portfolio Design Labs LLC purchased a new stake in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, HoldingsChannel reports. The fund purchased 32,160 shares of the company’s stock, valued at approximately $1,545,000.

Other large investors have also recently added to or reduced their stakes in the company. Elyxium Wealth LLC purchased a new stake in shares of Fastenal in the fourth quarter worth about $25,000. Palladiem LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at about $25,000. Evergreen Advisors LLC purchased a new stake in shares of Fastenal during the 1st quarter valued at about $26,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Fastenal during the 2nd quarter valued at about $26,000. Finally, MV Capital Management Inc. acquired a new position in Fastenal during the 4th quarter worth approximately $29,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Down 1.5%

NASDAQ:FAST opened at $50.66 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. The company has a market capitalization of $58.13 billion, a price-to-earnings ratio of 42.93, a price-to-earnings-growth ratio of 3.21 and a beta of 0.72. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. The stock has a 50-day simple moving average of $47.86 and a 200 day simple moving average of $46.33.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the firm posted $0.29 earnings per share. Fastenal’s revenue for the quarter was up 14.7% compared to the same quarter last year. Sell-side analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is currently 88.14%.

Insider Activity at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.28% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of analyst reports. Robert W. Baird set a $54.00 price target on Fastenal in a report on Friday, August 7th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research restated an “underperform” rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Finally, Barclays lowered their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus price target of $49.17.

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.