Clifford Swan Investment Counsel LLC Buys 418,527 Shares of Fastenal Company $FAST

Clifford Swan Investment Counsel LLC boosted its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 92.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 871,067 shares of the company's stock after purchasing an additional 418,527 shares during the quarter. Fastenal comprises 1.3% of Clifford Swan Investment Counsel LLC's investment portfolio, making the stock its 17th biggest position. Clifford Swan Investment Counsel LLC owned 0.08% of Fastenal worth $36,585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in FAST. Brighton Jones LLC acquired a new stake in shares of Fastenal in the 4th quarter valued at $496,000. GAMMA Investing LLC grew its position in Fastenal by 11.4% in the first quarter. GAMMA Investing LLC now owns 21,847 shares of the company's stock valued at $1,694,000 after acquiring an additional 2,240 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Fastenal by 42.4% during the first quarter. Oppenheimer & Co. Inc. now owns 56,836 shares of the company's stock worth $4,408,000 after acquiring an additional 16,915 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of Fastenal by 8.6% in the first quarter. Asset Management One Co. Ltd. now owns 265,311 shares of the company's stock worth $20,575,000 after acquiring an additional 21,047 shares during the last quarter. Finally, Legacy Advisors LLC acquired a new stake in shares of Fastenal in the 1st quarter valued at approximately $217,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Stock Down 1.7%

Fastenal stock opened at $42.60 on Thursday. The firm has a 50 day moving average price of $47.50 and a two-hundred day moving average price of $44.09. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The firm has a market cap of $48.91 billion, a price-to-earnings ratio of 39.81, a PEG ratio of 3.95 and a beta of 0.94.

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

Fastenal Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal's payout ratio is 82.24%.

Analyst Upgrades and Downgrades

FAST has been the subject of several research reports. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. Stephens upped their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Robert W. Baird dropped their target price on Fastenal from $53.00 to $49.00 and set an "outperform" rating for the company in a research report on Tuesday, October 14th. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Fastenal in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and an average price target of $46.50.

Insiders Place Their Bets

In other news, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares of the company's stock, valued at $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,178 shares of company stock valued at $4,336,603 over the last 90 days. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.