Fastenal Company $FAST Shares Purchased by Washington Trust Bank

Washington Trust Bank lifted its stake in shares of Fastenal Company (NASDAQ:FAST) by 88.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,927 shares of the company’s stock after acquiring an additional 5,603 shares during the period. Washington Trust Bank’s holdings in Fastenal were worth $501,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new position in Fastenal during the fourth quarter worth about $496,000. Brown Advisory Inc. grew its holdings in Fastenal by 11.2% in the first quarter. Brown Advisory Inc. now owns 95,973 shares of the company’s stock valued at $7,443,000 after purchasing an additional 9,669 shares during the period. Stratos Investment Management LLC purchased a new stake in Fastenal in the first quarter valued at approximately $201,000. Valeo Financial Advisors LLC increased its position in Fastenal by 1.5% during the first quarter. Valeo Financial Advisors LLC now owns 10,495 shares of the company’s stock worth $814,000 after purchasing an additional 153 shares during the last quarter. Finally, Greenleaf Trust raised its stake in Fastenal by 2.8% during the first quarter. Greenleaf Trust now owns 40,829 shares of the company’s stock worth $3,166,000 after purchasing an additional 1,125 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the business’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of Fastenal stock in a transaction on Thursday, October 16th. The stock was bought at an average cost of $42.45 per share, with a total value of $42,450.00. Following the completion of the acquisition, the director owned 9,000 shares in the company, valued at approximately $382,050. This trade represents a 12.50% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FAST shares. Wolfe Research reaffirmed a “positive” rating on shares of Fastenal in a research report on Monday, July 14th. Barclays set a $45.00 price target on Fastenal and gave the company an “equal weight” rating in a report on Tuesday, October 14th. Robert W. Baird reduced their price objective on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. JPMorgan Chase & Co. raised their target price on Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. Finally, Loop Capital reaffirmed a “hold” rating on shares of Fastenal in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $46.50.

Fastenal Trading Down 2.2%

NASDAQ:FAST opened at $40.77 on Friday. The firm has a market capitalization of $46.81 billion, a P/E ratio of 38.10, a P/E/G ratio of 3.75 and a beta of 0.92. The business has a 50 day simple moving average of $45.75 and a 200 day simple moving average of $44.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the firm posted $0.26 EPS. The business’s revenue was up 11.7% compared to the same quarter last year. Equities research analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

Fastenal 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.