Callan Family Office LLC Buys New Holdings in Fastenal Company $FAST

Callan Family Office LLC purchased a new stake in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, Holdings Channel reports. The firm purchased 30,395 shares of the company’s stock, valued at approximately $1,460,000.

Several other institutional investors have also added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC raised its stake in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. boosted its holdings in shares of Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock worth $573,000 after purchasing an additional 224 shares during the period. Sittner & Nelson LLC grew its stake in shares of Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after purchasing an additional 226 shares during the last quarter. Sound Income Strategies LLC grew its stake in shares of Fastenal by 12.9% in the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after purchasing an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC increased its holdings in Fastenal by 4.8% during the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after purchasing an additional 248 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on FAST shares. Wolfe Research reaffirmed an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research report on Thursday, July 9th. Weiss Ratings lowered Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. DA Davidson reissued a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Finally, Robert W. Baird set a $54.00 price target on Fastenal in a research note on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Fastenal has an average rating of “Hold” and a consensus target price of $49.17.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $51.26 on Monday. The company has a 50 day simple moving average of $47.96 and a two-hundred day simple moving average of $46.38. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The company has a market capitalization of $58.82 billion, a price-to-earnings ratio of 43.44, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 EPS. Analysts expect that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s payout ratio is presently 88.14%.

Insider Buying and Selling

In related news, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company’s stock.

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.