Congress Asset Management Co. Makes New Investment in Fastenal Company $FAST

Key Points

• Congress Asset Management Co. acquired a new stake in Fastenal Company, purchasing 1,755,545 shares valued at approximately $73.73 million, representing about 0.15% ownership at the end of the last quarter.
• Fastenal recently reported quarterly earnings of $0.29 EPS, slightly exceeding analyst expectations, and recorded revenues of $2.08 billion, a year-over-year increase of 8.6%.
• The company is experiencing insider selling activity, with significant sales by executives; in the last quarter, insiders sold a total of 111,230 shares worth over $5 million.

Congress Asset Management Co. bought a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,755,545 shares of the company's stock, valued at approximately $73,733,000. Congress Asset Management Co. owned approximately 0.15% of Fastenal at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Brighton Jones LLC purchased a new position in Fastenal in the 4th quarter valued at approximately $496,000. NorthCrest Asset Manangement LLC grew its holdings in Fastenal by 4.7% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 8,567 shares of the company's stock valued at $616,000 after purchasing an additional 382 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Fastenal by 40.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 234,623 shares of the company's stock valued at $16,872,000 after buying an additional 66,991 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Fastenal by 33.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 3,330 shares of the company's stock worth $258,000 after buying an additional 830 shares during the last quarter. Finally, First Hawaiian Bank raised its stake in shares of Fastenal by 1.0% during the 1st quarter. First Hawaiian Bank now owns 19,259 shares of the company's stock worth $1,494,000 after buying an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Stock Up 0.7%

FAST stock opened at $47.85 on Friday. The company has a 50 day moving average price of $48.02 and a two-hundred day moving average price of $43.12. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock has a market capitalization of $54.91 billion, a P/E ratio of 46.01, a PEG ratio of 4.32 and a beta of 0.97. Fastenal Company has a one year low of $34.69 and a one year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business's revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 earnings per share. As a group, sell-side analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 annualized dividend and a yield of 1.8%. Fastenal's payout ratio is 84.62%.

Analysts Set New Price Targets

Several equities analysts have weighed in on FAST shares. Robert W. Baird upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and raised their target price for the company from $47.00 to $55.00 in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research note on Thursday, September 4th. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating for the company. Stifel Nicolaus set a $82.00 target price on Fastenal in a report on Thursday, July 3rd. Finally, Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and a consensus target price of $46.82.

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 shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction 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 transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This trade represents a 80.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by 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.

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