Conestoga Capital Advisors LLC Acquires 9,195 Shares of Fastenal Company $FAST

Key Points

• Conestoga Capital Advisors LLC significantly increased its stake in Fastenal Company by 99.0% during the second quarter, acquiring an additional 9,195 shares, bringing their total to 18,480 shares worth approximately $776,000.
• Fastenal reported $0.29 earnings per share for the last quarter, missing the consensus estimate of $0.30, while the company’s quarterly revenue was $2.13 billion, reflecting an 11.7% year-over-year growth.
• The company announced a quarterly dividend of $0.22, with the ex-dividend date set for October 28th, representing an annualized dividend yield of 2.1%.

Conestoga Capital Advisors LLC raised its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 99.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,480 shares of the company's stock after acquiring an additional 9,195 shares during the quarter. Conestoga Capital Advisors LLC's holdings in Fastenal were worth $776,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Blair William & Co. IL lifted its stake in Fastenal by 107.2% in the 2nd quarter. Blair William & Co. IL now owns 6,822,973 shares of the company's stock valued at $286,565,000 after purchasing an additional 3,530,339 shares during the last quarter. TD Asset Management Inc grew its position in Fastenal by 90.0% during the 2nd quarter. TD Asset Management Inc now owns 4,934,558 shares of the company's stock worth $207,251,000 after acquiring an additional 2,337,187 shares during the last quarter. Fenimore Asset Management Inc raised its holdings in Fastenal by 101.0% in the 2nd quarter. Fenimore Asset Management Inc now owns 3,747,704 shares of the company's stock valued at $157,404,000 after buying an additional 1,883,419 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after buying an additional 1,850,871 shares during the period. Finally, Congress Asset Management Co. bought a new stake in Fastenal during the 2nd quarter worth approximately $73,733,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

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 debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The business's 50-day moving average is $47.83 and its 200-day moving average is $44.07. The company has a market capitalization of $48.75 billion, a price-to-earnings ratio of 39.68, a P/E/G ratio of 3.87 and a beta of 0.94.

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

Fastenal Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be paid a $0.22 dividend. 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 currently 82.24%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FAST. Stephens boosted their price objective on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. increased their price target on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Finally, Barclays set a $45.00 price target on shares of Fastenal and gave the stock an "equal weight" rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $46.50.

Insider Transactions at Fastenal

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 90,178 shares of company stock valued at $4,336,603 in the last 90 days. Corporate insiders own 0.37% of the company's stock.

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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