Meeder Advisory Services Inc. Takes $1.90 Million Position in Fastenal Company $FAST

Meeder Advisory Services Inc. bought a new stake in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 39,563 shares of the company’s stock, valued at approximately $1,900,000.

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

Fastenal Trading Up 0.1%

Shares of FAST opened at $51.27 on Wednesday. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The business has a 50-day moving average of $47.67 and a 200 day moving average of $46.22. The firm has a market cap of $58.83 billion, a P/E ratio of 43.45, a price-to-earnings-growth ratio of 3.18 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 released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The business 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 company’s revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, research analysts forecast that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm 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. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s payout ratio is presently 88.14%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FAST shares. Weiss Ratings lowered shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Sanford C. Bernstein reissued an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Morgan Stanley raised their price target on shares of Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Finally, Wolfe Research reaffirmed an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Five investment 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. According to MarketBeat, Fastenal presently has an average rating of “Hold” and an average price target of $49.17.

Insider Buying and Selling

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction 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 sale, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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.