Berkshire Bank Grows Position in Fastenal Company $FAST

Key Points

• Berkshire Bank increased its investment in Fastenal Company by 100% during the second quarter, now holding 14,958 shares worth approximately $628,000.
• Fastenal has experienced significant hedge fund interest, with notable increases in holdings by several firms, reflecting a strong institutional backing where 81.38% of the stock is owned by hedge funds and institutions.
• Analysts have mixed opinions on Fastenal, with price targets ranging from $41.00 to $82.00, indicating a general consensus of a "Hold" rating and an average price target of $46.82.

Berkshire Bank lifted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 14,958 shares of the company's stock after buying an additional 7,479 shares during the quarter. Berkshire Bank's holdings in Fastenal were worth $628,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. 1248 Management LLC purchased a new stake in shares of Fastenal during the 1st quarter valued at about $36,000. Horizon Financial Services LLC raised its holdings in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after buying an additional 533 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of Fastenal during the 1st quarter valued at about $49,000. TruNorth Capital Management LLC purchased a new stake in shares of Fastenal during the 1st quarter valued at about $57,000. Finally, Golden State Wealth Management LLC raised its holdings in shares of Fastenal by 5,661.5% during the 1st quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock valued at $58,000 after buying an additional 736 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Northcoast Research assumed coverage on Fastenal in a report on Thursday, August 21st. They set a "neutral" rating on the stock. JPMorgan Chase & Co. lifted their target price on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Wolfe Research restated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, Stifel Nicolaus set a $82.00 price objective on Fastenal in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $46.82.

Fastenal Stock Down 1.1%

FAST opened at $47.25 on Wednesday. Fastenal Company has a one year low of $34.69 and a one year high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock's fifty day moving average is $47.61 and its 200-day moving average is $42.72. The company has a market capitalization of $54.23 billion, a PE ratio of 45.43, a P/E/G ratio of 4.34 and a beta of 0.97.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS 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 company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the business earned $0.25 EPS. The company's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's payout ratio is currently 84.62%.

Insider Transactions at Fastenal

In other news, 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 sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Fastenal 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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