Fastenal Company $FAST Shares Bought by NorthRock Partners LLC

Key Points

• NorthRock Partners LLC increased its holdings in Fastenal Company by 106.5% in the 2nd quarter, owning 12,655 shares worth $532,000 after purchasing an additional 6,527 shares.
• Insider sales included EVP William Joseph Drazkowski selling 6,842 shares and Jeffery Michael Watts selling 48,724 shares, with total insider sales amounting to $4,336,603 in the last 90 days.
• Fastenal reported $0.29 earnings per share for the last quarter, missing expectations of $0.30, although its revenue increased by 11.7% compared to the prior year.

NorthRock Partners LLC increased its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 106.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,655 shares of the company's stock after buying an additional 6,527 shares during the quarter. NorthRock Partners LLC's holdings in Fastenal were worth $532,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. 1248 Management LLC acquired a new position in Fastenal in the 1st quarter worth approximately $36,000. Horizon Financial Services LLC grew its stake in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares during the period. Riverview Trust Co grew its stake in shares of Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after purchasing an additional 292 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of Fastenal during the 1st quarter worth approximately $49,000. Finally, Hilltop National Bank acquired a new stake in shares of Fastenal during the 2nd quarter worth approximately $27,000. Institutional investors and hedge funds 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 Fastenal 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 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 SEC, which is available through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 90,178 shares of company stock valued at $4,336,603 in the last 90 days. 0.37% of the stock is owned by insiders.

Fastenal Price Performance

Fastenal stock opened at $42.24 on Thursday. The company's fifty day moving average price is $48.06 and its 200 day moving average price is $43.95. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The stock has a market capitalization of $48.48 billion, a P/E ratio of 39.48, a P/E/G ratio of 3.89 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.26.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (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 during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted $0.26 EPS. Fastenal's revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors 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 yield of 2.1%. Fastenal's dividend payout ratio (DPR) is currently 82.24%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. 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. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research note on Thursday, July 3rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fastenal in a research note on Wednesday, October 8th. Barclays set a $45.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Tuesday. Finally, Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. 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 given a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal presently has an average rating of "Hold" and an average 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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