Bank of Nova Scotia purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 129,490 shares of the company's stock, valued at approximately $6,219,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC grew its stake in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after purchasing an additional 147 shares during the period. Tandem Investment Advisors Inc. increased its stake in shares of Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after acquiring an additional 224 shares during the last quarter. Sittner & Nelson LLC increased its stake in shares of Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock valued at $2,749,000 after acquiring an additional 226 shares during the last quarter. Sound Income Strategies LLC raised its position in shares of Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after acquiring an additional 232 shares during the period. Finally, L2 Asset Management LLC raised its position in shares of Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company's stock valued at $264,000 after acquiring an additional 248 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on 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 sale, the director owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 transaction, 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on FAST shares. Barclays cut their target price on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. Weiss Ratings cut shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. DA Davidson reaffirmed a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Robert W. Baird set a $54.00 target price on Fastenal in a report on Friday, August 7th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $49.17.
Check Out Our Latest Analysis on Fastenal
Fastenal Price Performance
FAST stock opened at $50.31 on Wednesday. The stock has a 50-day moving average price of $48.15 and a two-hundred day moving average price of $46.43. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The stock has a market cap of $57.73 billion, a PE ratio of 42.64, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.
Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts' consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the company posted $0.29 earnings per share. The company's quarterly revenue was up 14.7% compared to the same quarter last year. Equities analysts forecast that Fastenal Company will post 1.26 EPS for the current fiscal year.
Fastenal Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were given a dividend of $0.26 per share. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.1%. Fastenal's payout ratio is presently 88.14%.
Fastenal Profile
(
Free Report)
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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