202,919 Shares in Fastenal Company $FAST Acquired by Wealthfront Advisers LLC

Key Points

• Wealthfront Advisers acquired 202,919 Fastenal shares in the second quarter, valued at approximately $9.75 million. Institutional investors collectively own 81.38% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and a $49.17 price target; ratings include five Buys, six Holds, and two Sells.
• Fastenal reported quarterly revenue of $2.39 billion and EPS of $0.33, while revenue rose 14.7% year over year. The company also increased its quarterly dividend to $0.26 per share, implying a 2.0% annual yield.

Wealthfront Advisers LLC bought a new stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 202,919 shares of the company's stock, valued at approximately $9,746,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Fastenal in the second quarter valued at about $26,000. Evergreen Advisors LLC purchased a new stake in shares of Fastenal in the 1st quarter worth approximately $26,000. Palladiem LLC bought a new position in shares of Fastenal during the fourth quarter valued at approximately $25,000. Elyxium Wealth LLC purchased a new position in Fastenal during the fourth quarter valued at approximately $25,000. Finally, MV Capital Management Inc. purchased a new position in Fastenal during the fourth quarter valued at approximately $29,000. Institutional investors own 81.38% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on FAST shares. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Morgan Stanley upped their price objective on Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Wolfe Research reaffirmed an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Barclays reduced their target price on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Finally, 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. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $49.17.

Insiders Place Their Bets

In related news, Director Michael J. Ancius sold 3,000 shares of the company's 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 transaction, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company's stock, valued at $1,001,000. This trade represents a 63.61% decrease in their position. 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 0.3%

Shares of FAST stock opened at $51.44 on Thursday. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92. The stock's fifty day moving average price is $47.78 and its 200 day moving average price is $46.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market cap of $59.03 billion, a price-to-earnings ratio of 43.59, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm's revenue was up 14.7% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. On average, research analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. This is a boost from Fastenal's previous quarterly dividend of $0.24. Fastenal's payout ratio is presently 88.14%.

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.

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