Canandaigua National Bank & Trust Co. Boosts Position in Fastenal Company $FAST

Key Points

• Canandaigua National Bank & Trust Co. boosted its position in Fastenal Company by 84.5% in Q2, owning 22,057 shares worth $926,000 after acquiring an additional 10,104 shares.
• Multiple hedge funds increased their holdings in Fastenal, with RMR Wealth Builders and Legacy Private Trust Co. raising their positions by 101.2% and 100%, respectively.
• Fastenal's stock currently has a consensus rating of "Hold" with an average price target of $46.82, while recent trading has seen the stock priced at $47.76.

Canandaigua National Bank & Trust Co. boosted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 84.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 22,057 shares of the company's stock after acquiring an additional 10,104 shares during the quarter. Canandaigua National Bank & Trust Co.'s holdings in Fastenal were worth $926,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. RMR Wealth Builders increased its position in Fastenal by 101.2% in the second quarter. RMR Wealth Builders now owns 16,448 shares of the company's stock worth $691,000 after buying an additional 8,272 shares in the last quarter. Legacy Private Trust Co. increased its position in Fastenal by 100.0% in the second quarter. Legacy Private Trust Co. now owns 5,314 shares of the company's stock worth $223,000 after buying an additional 2,657 shares in the last quarter. E. Ohman J or Asset Management AB increased its position in Fastenal by 100.0% in the second quarter. E. Ohman J or Asset Management AB now owns 47,600 shares of the company's stock worth $1,999,000 after buying an additional 23,800 shares in the last quarter. Parallel Advisors LLC increased its position in Fastenal by 108.9% in the second quarter. Parallel Advisors LLC now owns 28,949 shares of the company's stock worth $1,216,000 after buying an additional 15,091 shares in the last quarter. Finally, Wealth Alliance Advisory Group LLC increased its position in Fastenal by 19.5% in the second quarter. Wealth Alliance Advisory Group LLC now owns 6,514 shares of the company's stock worth $274,000 after buying an additional 1,065 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FAST. JPMorgan Chase & Co. upped their price target on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Northcoast Research assumed coverage on Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating for the company. Stifel Nicolaus set a $82.00 price objective on Fastenal in a research note on Thursday, July 3rd. Finally, Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. One 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 issued a Sell rating to the company's stock. According to data from MarketBeat.com, Fastenal presently has an average rating of "Hold" and a consensus target price of $46.82.

Insider Buying and Selling

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the firm'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 completion of the sale, the executive vice president directly owned 11,994 shares of the company's stock, valued at $583,747.98. This trade represents a 36.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 111,230 shares of company stock valued at $5,288,364 over the last quarter. Company insiders own 0.37% of the company's stock.

Fastenal Price Performance

Shares of Fastenal stock opened at $47.76 on Tuesday. The stock has a 50 day moving average of $47.52 and a 200 day moving average of $42.68. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63. The firm has a market cap of $54.81 billion, a PE ratio of 45.92, a PEG ratio of 4.32 and a beta of 0.97. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The firm's revenue was up 8.6% on a year-over-year basis. On average, research analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

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

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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