Greenleaf Trust Has $3.32 Million Position in Fastenal Company $FAST

Greenleaf Trust raised its stake in Fastenal Company (NASDAQ:FAST) by 93.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 78,984 shares of the company’s stock after acquiring an additional 38,155 shares during the quarter. Greenleaf Trust’s holdings in Fastenal were worth $3,317,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Oregon Public Employees Retirement Fund grew its holdings in shares of Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company’s stock worth $3,817,000 after purchasing an additional 130 shares in the last quarter. Welch & Forbes LLC lifted its position in shares of Fastenal by 0.4% in the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after purchasing an additional 135 shares during the period. Principal Securities Inc. grew its stake in Fastenal by 0.9% during the first quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after purchasing an additional 140 shares during the period. Salvus Wealth Management LLC increased its stake in Fastenal by 1.6% in the first quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company’s stock valued at $698,000 after purchasing an additional 141 shares in the last quarter. Finally, Essex Financial Services Inc. raised its position in shares of Fastenal by 1.7% during the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company’s stock worth $688,000 after purchasing an additional 147 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Performance

Shares of Fastenal stock opened at $49.04 on Wednesday. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63. The firm has a market capitalization of $56.28 billion, a P/E ratio of 47.15, a P/E/G ratio of 4.44 and a beta of 0.97. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The business has a fifty day simple moving average of $48.17 and a two-hundred day simple moving average of $43.39.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. Fastenal’s revenue was up 8.6% on a year-over-year basis. During the same period last year, the company posted $0.25 EPS. On average, equities analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal’s dividend payout ratio (DPR) is 84.62%.

Insiders Place Their Bets

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the sale, the insider owned 11,880 shares of the company’s stock, valued at approximately $570,834. This trade represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,230 shares of company stock valued at $5,288,364. Insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

FAST has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 4th. Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Stephens increased their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an “equal weight” rating in a research note on Thursday, July 3rd. Finally, Robert W. Baird raised Fastenal from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $46.82.

Fastenal Company 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.