Fastenal Company $FAST Shares Newly Purchased by Summit Wealth Group LLC Co.

Key Points

• Summit Wealth Group initiated a position in Fastenal during the third quarter, buying 21,569 shares valued at approximately $1.07 million.
• Institutional investors and hedge funds own 81.38% of Fastenal’s shares. Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $51.46.
• Fastenal beat quarterly earnings and revenue estimates, reporting EPS of $0.35 and revenue of $2.46 billion; revenue rose 15.5% year over year. The company also declared a $0.26 quarterly dividend.

Summit Wealth Group LLC Co. purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,569 shares of the company's stock, valued at approximately $1,068,000.

Several other hedge funds and other institutional investors have also modified their holdings of FAST. BlackRock Inc. acquired a new stake in shares of Fastenal in the second quarter worth $5,105,454,000. State Street Corp boosted its stake in Fastenal by 1.6% during the 2nd quarter. State Street Corp now owns 56,438,968 shares of the company's stock valued at $2,710,764,000 after acquiring an additional 869,793 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Fastenal during the 2nd quarter worth approximately $859,310,000. Bank of America Corp DE lifted its stake in Fastenal by 12.0% in the first quarter. Bank of America Corp DE now owns 16,292,425 shares of the company's stock valued at $755,969,000 after buying an additional 1,744,193 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its stake in Fastenal by 1.2% during the 2nd quarter. Baird Financial Group Inc. now owns 15,561,007 shares of the company's stock valued at $747,395,000 after purchasing an additional 183,238 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FAST shares. Sanford C. Bernstein reaffirmed an "underperform" rating and set a $47.00 target price (up from $42.00) on shares of Fastenal in a research note on Thursday, October 15th. Barclays lowered their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. William Blair restated an "outperform" rating on shares of Fastenal in a research note on Friday, September 4th. Robert W. Baird upped their price objective on shares of Fastenal from $59.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, October 15th. Finally, Morgan Stanley upped their price objective on shares of Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $51.46.

Fastenal Price Performance

NASDAQ FAST opened at $52.33 on Wednesday. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $53.30. The firm has a market capitalization of $60.04 billion, a PE ratio of 42.20, a P/E/G ratio of 3.15 and a beta of 0.66. The company's 50 day simple moving average is $50.52 and its 200 day simple moving average is $47.29. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.93 and a quick ratio of 2.11.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.01. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.44 billion. Fastenal had a return on equity of 35.13% and a net margin of 15.62%. The firm's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 earnings per share. As a group, equities research analysts forecast that Fastenal Company will post 1.27 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Wednesday, October 28th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, October 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal's dividend payout ratio is 83.87%.

Fastenal Profile

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.

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