BankPlus Wealth Management LLC Buys 6,139 Shares of Fastenal Company $FAST

Key Points

• BankPlus Wealth Management LLC increased its stake in Fastenal Company by 106.6% during the second quarter, acquiring an additional 6,139 shares, bringing its total holdings to 11,898 shares worth $500,000.
• Several institutional investors, including Vanguard Group and Charles Schwab Investment Management, also significantly boosted their positions in Fastenal, indicating strong institutional interest in the company.
• Fastenal reported earnings of $0.29 per share for the last quarter, surpassing estimates, with revenue increasing by 8.6% year-over-year.

BankPlus Wealth Management LLC boosted its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 106.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,898 shares of the company's stock after purchasing an additional 6,139 shares during the period. BankPlus Wealth Management LLC's holdings in Fastenal were worth $500,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Fastenal by 1.4% in the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock worth $5,685,754,000 after acquiring an additional 1,016,479 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the period. Baird Financial Group Inc. increased its position in shares of Fastenal by 1.7% during the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock valued at $652,875,000 after purchasing an additional 142,972 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Fastenal by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after purchasing an additional 168,830 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Fastenal by 11.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company's stock worth $460,153,000 after purchasing an additional 613,254 shares during the period. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

NASDAQ:FAST opened at $47.85 on Friday. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The business's 50-day simple moving average is $48.02 and its two-hundred day simple moving average is $43.12. The stock has a market cap of $54.91 billion, a PE ratio of 46.01, a P/E/G ratio of 4.32 and a beta of 0.97. Fastenal Company has a 52 week low of $34.69 and a 52 week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the company posted $0.25 earnings per share. The business's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is 84.62%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. Wolfe Research restated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating on the stock. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. Finally, Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average target price of $46.82.

Insider Activity at Fastenal

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the sale, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. The trade was a 67.38% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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