Fastenal Company $FAST Shares Acquired by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group LLC increased its holdings in Fastenal Company by 71.2% during the second quarter, owning 14,671 shares valued at approximately $616,000.
• Fastenal reported a second-quarter EPS of $0.29, slightly missing analysts' estimates, while revenue was up 11.7% year-over-year at $2.13 billion.
• The company announced a quarterly dividend of $0.22 per share, with an annual yield of 2.0%, scheduled for payment on November 25th.

Chicago Partners Investment Group LLC lifted its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 71.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,671 shares of the company's stock after buying an additional 6,103 shares during the period. Chicago Partners Investment Group LLC's holdings in Fastenal were worth $616,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FAST. Riverview Trust Co boosted its position in shares of 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. Hilltop National Bank acquired a new position in shares of Fastenal during the second quarter worth approximately $27,000. Private Wealth Management Group LLC lifted its position in Fastenal by 111.9% in the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock worth $27,000 after purchasing an additional 339 shares during the period. Armstrong Advisory Group Inc. lifted its position in Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock worth $29,000 after purchasing an additional 348 shares during the period. Finally, AdvisorNet Financial Inc lifted its position in Fastenal by 95.0% in the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after purchasing an additional 342 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fastenal news, 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 sale, the executive vice president directly owned 11,994 shares of the company's stock, valued at $583,747.98. The trade was a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the business's 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 sale, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,178 shares of company stock valued at $4,336,603 in the last 90 days. Company insiders own 0.37% of the company's stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $43.32 on Wednesday. Fastenal Company has a one year low of $35.31 and a one year high of $50.63. The stock has a fifty day moving average of $47.63 and a 200-day moving average of $44.10. The company has a market capitalization of $49.73 billion, a PE ratio of 40.49, a price-to-earnings-growth ratio of 3.92 and a beta of 0.94. 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 (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the company posted $0.26 EPS. Fastenal's revenue was up 11.7% on a year-over-year basis. As a group, equities analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal's payout ratio is 82.24%.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research analyst reports. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating for the company. Wolfe Research restated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a research report on Wednesday, October 8th. Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. Finally, Robert W. Baird cut their price objective on Fastenal from $53.00 to $49.00 and set an "outperform" rating for the company in a research report on Tuesday, October 14th. One research 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 company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $46.50.

About Fastenal

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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