Fastenal Company $FAST Shares Bought by Loring Wolcott & Coolidge Fiduciary Advisors LLP MA

Key Points

• Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in Fastenal Company by 100% during the second quarter, owning 21,930 shares valued at $921,000.
• Fastenal's recent quarterly financial results showed a missed EPS estimate of $0.29 compared to the expected $0.30, with revenues matching expectations at $2.13 billion, up 11.7% year-over-year.
• The company recently declared a quarterly dividend of $0.22, representing an annualized dividend yield of 2.0% with a payout ratio of 82.24%.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,930 shares of the company's stock after purchasing an additional 10,965 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's holdings in Fastenal were worth $921,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Patton Fund Management Inc. bought a new stake in Fastenal during the second quarter worth approximately $229,000. Values First Advisors Inc. lifted its position in shares of Fastenal by 183.0% during the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company's stock valued at $394,000 after acquiring an additional 6,064 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 acquiring an additional 1,850,871 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Fastenal by 7.5% in the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company's stock worth $14,074,000 after acquiring an additional 12,721 shares during the last quarter. Finally, KLP Kapitalforvaltning AS raised its position in shares of Fastenal by 3.9% during the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock worth $15,180,000 after purchasing an additional 7,400 shares during the period. 81.38% of the stock is currently owned by institutional investors.

Insider Activity at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 11,880 shares of the company's stock, valued at $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 90,178 shares of company stock valued at $4,336,603. 0.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FAST. Stifel Nicolaus set a $82.00 price target on Fastenal in a research note on Thursday, July 3rd. Robert W. Baird decreased their target price on shares of Fastenal from $53.00 to $49.00 and set an "outperform" rating for the company in a report on Tuesday, October 14th. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. JPMorgan Chase & Co. upped their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, September 4th. Finally, Stephens raised 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. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $46.50.

Fastenal Price Performance

NASDAQ FAST opened at $42.99 on Friday. The company has a 50 day simple moving average of $47.39 and a 200-day simple moving average of $44.14. 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 firm has a market capitalization of $49.35 billion, a price-to-earnings ratio of 40.18, a price-to-earnings-growth ratio of 3.88 and a beta of 0.94. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63.

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 analysts' expectations of $2.13 billion. During the same period in the previous year, the firm posted $0.26 earnings per share. The business's revenue for the quarter was up 11.7% on a year-over-year basis. Equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently declared 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 of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal's dividend payout ratio is 82.24%.

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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