Plato Investment Management Ltd Invests $1.16 Million in Fastenal Company $FAST

Plato Investment Management Ltd bought a new stake in Fastenal Company (NASDAQ:FAST) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 24,200 shares of the company’s stock, valued at approximately $1,156,000.

Several other hedge funds have also bought and sold shares of FAST. Evergreen Advisors LLC bought a new stake in Fastenal in the first quarter valued at approximately $26,000. Palladiem LLC bought a new position in shares of Fastenal during the 4th quarter worth approximately $25,000. Elyxium Wealth LLC bought a new position in shares of Fastenal during the 4th quarter worth approximately $25,000. MV Capital Management Inc. bought a new position in shares of Fastenal during the 4th quarter worth approximately $29,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of Fastenal during the 3rd quarter worth approximately $36,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value 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. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company’s stock.

Fastenal Stock Up 0.4%

Shares of NASDAQ FAST opened at $51.23 on Tuesday. The stock has a market capitalization of $58.79 billion, a P/E ratio of 43.42, a PEG ratio of 3.18 and a beta of 0.72. The stock’s fifty day moving average is $47.58 and its 200 day moving average is $46.17. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. 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 announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. Sell-side analysts forecast that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FAST. Morgan Stanley increased their price target on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. DA Davidson reissued a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Barclays reduced their price objective on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fastenal has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal 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.