Castleark Management LLC Buys 141,770 Shares of Fastenal Company $FAST

Key Points

• Castleark Management significantly increased its Fastenal stake by purchasing 141,770 shares in the first quarter, bringing its holdings to 148,690 shares valued at approximately $6.9 million. Institutional investors collectively own 81.38% of FAST.
• Analyst sentiment remains mixed, with Fastenal carrying a consensus “Hold” rating and an average price target of $48.83. Recent targets range from $46 to $55.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while matching earnings expectations at $0.33 per share. The company also raised its quarterly dividend from $0.24 to $0.26 per share, producing an annualized yield of about 2.2%.

Castleark Management LLC boosted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 2,048.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 148,690 shares of the company's stock after buying an additional 141,770 shares during the period. Castleark Management LLC's holdings in Fastenal were worth $6,899,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FAST. Gateway Wealth Partners LLC boosted its stake in shares of Fastenal by 117.7% during the 1st quarter. Gateway Wealth Partners LLC now owns 14,478 shares of the company's stock worth $672,000 after purchasing an additional 7,827 shares during the period. Weiss Asset Management LP purchased a new stake in Fastenal in the 1st quarter worth about $8,061,000. OMERS ADMINISTRATION Corp raised its position in Fastenal by 96.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 93,826 shares of the company's stock worth $4,354,000 after purchasing an additional 46,058 shares during the period. Lombard Odier Asset Management Switzerland SA lifted its stake in Fastenal by 40.0% in the first quarter. Lombard Odier Asset Management Switzerland SA now owns 16,178 shares of the company's stock worth $751,000 after purchasing an additional 4,621 shares during the last quarter. Finally, Waverly Advisors LLC lifted its stake in Fastenal by 5.7% in the first quarter. Waverly Advisors LLC now owns 164,578 shares of the company's stock worth $7,636,000 after purchasing an additional 8,931 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on FAST shares. Morgan Stanley upped their target price on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. DA Davidson reissued a "neutral" rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a "buy" rating in a report on Monday, July 13th. JPMorgan Chase & Co. upped their price objective on Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, April 9th. Finally, Robert W. Baird reduced their target price on Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $48.83.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $47.02 on Monday. Fastenal Company has a one year low of $38.97 and a one year high of $50.63. The firm has a market cap of $53.96 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.72. The firm's 50 day simple moving average is $45.92 and its 200-day simple moving average is $45.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the company earned $0.29 EPS. The business's revenue was up 14.7% compared to the same quarter last year. As a group, equities analysts predict that Fastenal Company will post 1.25 EPS for the current year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. This is an increase from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. Fastenal's dividend payout ratio (DPR) is currently 81.36%.

Fastenal Profile

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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