Dock Street Asset Management Inc. Boosts Position in Fastenal Company $FAST

Key Points

• Dock Street Asset Management Inc. has doubled its holdings in Fastenal Company, now owning 25,600 shares worth approximately $1,075,000, making Fastenal the firm's 27th largest investment.
• Insiders have been selling shares, including EVP William Joseph Drazkowski, who sold 6,842 shares valued at over $333,000, reducing his ownership by 36.32%.
• Fastenal reported earnings per share of $0.29 for the latest quarter, missing estimates by $0.01, while its revenue increased by 11.7% compared to the previous year.

Dock Street Asset Management Inc. increased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,600 shares of the company's stock after purchasing an additional 12,800 shares during the quarter. Fastenal makes up approximately 0.1% of Dock Street Asset Management Inc.'s portfolio, making the stock its 27th biggest position. Dock Street Asset Management Inc.'s holdings in Fastenal were worth $1,075,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. 1248 Management LLC acquired a new position in Fastenal during the first quarter worth approximately $36,000. Horizon Financial Services LLC increased its position in Fastenal by 5,330.0% during the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after buying an additional 533 shares during the period. Riverview Trust Co increased its position in Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after buying an additional 292 shares during the period. Zions Bancorporation National Association UT acquired a new position in Fastenal during the first quarter worth approximately $49,000. Finally, Hilltop National Bank acquired a new position in Fastenal during the second quarter worth approximately $27,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at $460,780.32. The trade was a 67.38% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Robert W. Baird cut their price target on Fastenal from $53.00 to $49.00 and set an "outperform" rating on the stock in a research report on Tuesday. Northcoast Research assumed coverage on Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating on the stock. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Fastenal has an average rating of "Hold" and a consensus target price of $46.50.

Fastenal Price Performance

Fastenal stock opened at $42.75 on Wednesday. Fastenal Company has a 12 month low of $35.31 and a 12 month 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 2.12. The business has a 50 day simple moving average of $48.15 and a 200-day simple moving average of $43.96. The stock has a market capitalization of $49.06 billion, a PE ratio of 39.95, a price-to-earnings-growth ratio of 3.84 and a beta of 0.94.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company's revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. Equities analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal's dividend payout ratio is presently 84.62%.

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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