Baron Wealth Management LLC Purchases 9,817 Shares of Fastenal Company $FAST

Key Points

• Baron Wealth Management LLC increased its stakes in Fastenal Company by 93.9% in the second quarter, acquiring a total of 20,272 shares valued at approximately $851,000.
• Fastenal's stock has a consensus rating of "Hold" among analysts, with an average target price of $46.82, after several firms revised their price objectives following recent earnings results.
• Insider selling activity includes notable transactions where executives sold a cumulative total of 111,230 shares valued over $5 million in recent months, indicating potential shifts in insider confidence.

Baron Wealth Management LLC lifted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 93.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,272 shares of the company's stock after purchasing an additional 9,817 shares during the quarter. Baron Wealth Management LLC's holdings in Fastenal were worth $851,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FAST. Garde Capital Inc. lifted its stake in Fastenal by 4,900.0% in the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock valued at $32,000 after buying an additional 735 shares in the last quarter. 1248 Management LLC acquired a new stake in Fastenal in the 1st quarter valued at $36,000. Horizon Financial Services LLC lifted its position in 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 buying an additional 533 shares in the last quarter. Zions Bancorporation National Association UT bought a new stake in Fastenal during the 1st quarter worth about $49,000. Finally, TruNorth Capital Management LLC bought a new stake in Fastenal during the 1st quarter worth about $57,000. Institutional investors own 81.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FAST. Stephens upped their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. Finally, Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $46.82.

Insiders Place Their Bets

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred 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 $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is currently owned by company insiders.

Fastenal Price Performance

Shares of FAST traded up $0.36 during trading hours on Friday, hitting $47.58. 13,747,553 shares of the company were exchanged, compared to its average volume of 6,556,226. The company has a market cap of $54.60 billion, a price-to-earnings ratio of 45.75, a P/E/G ratio of 4.29 and a beta of 0.97. The firm's fifty day moving average is $47.84 and its 200 day moving average is $42.89. Fastenal Company has a fifty-two week low of $34.69 and a fifty-two week high of $50.63. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same quarter in the prior year, the business posted $0.25 earnings per share. Fastenal's revenue was up 8.6% compared to the same quarter last year. On average, equities analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is currently 84.62%.

Fastenal 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.