Logan Capital Management Inc. Buys 21,769 Shares of Fastenal Company $FAST

Logan Capital Management Inc. lifted its position in Fastenal Company (NASDAQ:FAST) by 4.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 520,459 shares of the company’s stock after purchasing an additional 21,769 shares during the period. Fastenal comprises approximately 0.9% of Logan Capital Management Inc.’s portfolio, making the stock its 24th biggest holding. Logan Capital Management Inc.’s holdings in Fastenal were worth $20,886,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FAST. Elyxium Wealth LLC purchased a new stake in Fastenal in the fourth quarter worth about $25,000. Palladiem LLC bought a new stake in shares of Fastenal in the 4th quarter worth approximately $25,000. Field & Main Bank purchased a new position in Fastenal during the fourth quarter valued at $30,000. Tucker Asset Management LLC bought a new stake in Fastenal in the fourth quarter worth $33,000. Finally, Tradewinds Capital Management LLC bought a new stake in Fastenal in the fourth quarter worth $35,000. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FAST. Bank of America upped their target price on shares of Fastenal from $48.00 to $55.00 in a research note on Monday, April 13th. Morgan Stanley reissued a “positive” rating and set a $45.00 price target on shares of Fastenal in a research report on Thursday, March 5th. Benchmark restated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fastenal in a research report on Friday, March 27th. Finally, Robert W. Baird cut their target price on Fastenal from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Fastenal has an average rating of “Hold” and an average target price of $49.85.

Fastenal Stock Performance

Shares of FAST stock opened at $46.39 on Friday. 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 company has a 50 day moving average price of $45.15 and a 200-day moving average price of $44.22. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The firm has a market capitalization of $53.26 billion, a PE ratio of 40.69, a P/E/G ratio of 2.92 and a beta of 0.73.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The firm’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities research analysts expect that Fastenal Company will post 1.24 earnings per share for the current year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, April 28th. Fastenal’s dividend payout ratio is 84.21%.

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.