Beverly Hills Private Wealth LLC Purchases 23,499 Shares of Fastenal Company $FAST

Key Points

• Beverly Hills Private Wealth LLC increased its holdings in Fastenal Company by 91.1%, acquiring 23,499 shares, bringing their total to 49,283 shares valued at approximately $2.07 million.
• Fastenal reported a quarterly revenue increase of 11.7% year-over-year, with earnings per share of $0.29, which was slightly below analysts' expectations of $0.30.
• The company declared a quarterly dividend of $0.22 per share, set to be paid out on November 25, representing an annualized yield of 2.1%.

Beverly Hills Private Wealth LLC grew its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 91.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,283 shares of the company's stock after acquiring an additional 23,499 shares during the quarter. Beverly Hills Private Wealth LLC's holdings in Fastenal were worth $2,070,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Riverview Trust Co increased its stake in Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after purchasing an additional 292 shares in the last quarter. Hilltop National Bank acquired a new position in shares of Fastenal during the second quarter valued at about $27,000. Private Wealth Management Group LLC increased its position in shares of Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock worth $27,000 after acquiring an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. raised its holdings in shares of Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock worth $29,000 after acquiring an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its position in Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock valued at $29,000 after acquiring an additional 342 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FAST has been the subject of a number of recent research reports. Wolfe Research reissued a "positive" rating on shares of Fastenal in a report on Monday, July 14th. JPMorgan Chase & Co. upped their price target on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. Barclays set a $45.00 price objective on Fastenal and gave the company an "equal weight" rating in a research note on Tuesday, October 14th. Robert W. Baird cut their price objective on shares of Fastenal from $53.00 to $49.00 and set an "outperform" rating on the stock in a report on Tuesday, October 14th. Finally, Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned 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 a consensus rating of "Hold" and an average price target of $46.50.

Insider Activity at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,178 shares of company stock worth $4,336,603. Company insiders own 0.37% of the company's stock.

Fastenal Stock Up 1.2%

Shares of NASDAQ:FAST opened at $42.46 on Monday. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The company has a market capitalization of $48.75 billion, a PE ratio of 39.68, a price-to-earnings-growth ratio of 3.87 and a beta of 0.94. The business has a fifty day moving average price of $47.83 and a two-hundred day moving average price of $44.07. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company's revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 earnings per share. Analysts forecast that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. Fastenal's dividend payout ratio (DPR) is presently 82.24%.

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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