Drive Wealth Management LLC Purchases 6,155 Shares of Fastenal Company $FAST

Key Points

• Drive Wealth Management LLC increased its holdings in Fastenal Company by 101.4% during the second quarter, purchasing an additional 6,155 shares, bringing its total to 12,224 shares valued at approximately $513,000.
• Fastenal Company recently announced a quarterly dividend of $0.22, to be paid on November 25th, representing an annualized yield of 2.0%.
• Fastenal's stock has an average rating of "Hold" from analysts, with a consensus price target of $46.50; it currently trades around $42.99.

Drive Wealth Management LLC grew its position in Fastenal Company (NASDAQ:FAST - Free Report) by 101.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,224 shares of the company's stock after purchasing an additional 6,155 shares during the quarter. Drive Wealth Management LLC's holdings in Fastenal were worth $513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FAST. Vanguard Group Inc. lifted its stake in shares of Fastenal by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock valued at $5,685,754,000 after buying an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after acquiring an additional 1,850,871 shares in the last quarter. Baird Financial Group Inc. boosted its stake in shares of Fastenal by 1.7% in the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock worth $652,875,000 after acquiring an additional 142,972 shares during the period. Blair William & Co. IL grew its position in shares of Fastenal by 107.2% during the second quarter. Blair William & Co. IL now owns 6,822,973 shares of the company's stock worth $286,565,000 after purchasing an additional 3,530,339 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Fastenal by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after purchasing an additional 168,830 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FAST shares. 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. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. Northcoast Research started coverage on shares of Fastenal in a research note on Thursday, August 21st. They issued a "neutral" rating on the stock. Finally, Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Fastenal presently has an average rating of "Hold" and a consensus price target of $46.50.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of the company's stock in a transaction dated Thursday, October 16th. The stock was purchased at an average price of $42.45 per share, for a total transaction of $42,450.00. Following the acquisition, the director owned 9,000 shares in the company, valued at $382,050. This trade represents a 12.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold a total of 90,178 shares of company stock worth $4,336,603 in the last 90 days. Company insiders own 0.37% of the company's stock.

Fastenal Price Performance

Fastenal stock opened at $42.99 on Tuesday. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The firm's fifty day moving average is $47.74 and its 200 day moving average is $44.11. The company has a market cap of $49.35 billion, a price-to-earnings ratio of 40.18, a PEG ratio of 3.87 and a beta of 0.94.

Fastenal (NASDAQ:FAST - Get Free Report) last posted 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). The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business's quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 earnings per share. Sell-side analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

The business also recently disclosed 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. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal's dividend payout ratio (DPR) is presently 82.24%.

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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