Fastenal Company $FAST Shares Purchased by Northeast Investment Management

Key Points

• Northeast Investment Management has increased its holdings in Fastenal Company by 100% in the second quarter, owning 33,600 shares valued at approximately $1.41 million at the quarter's end.
• Fastenal announced a quarterly dividend of $0.22 per share, which will be paid on November 25th, reflecting a yield of 2.1% with a payout ratio of 82.24%.
• The company reported earnings per share (EPS) of $0.29 for the quarter, slightly below the consensus estimate of $0.30, with year-over-year revenue growth of 11.7% to $2.13 billion.

Northeast Investment Management raised its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,600 shares of the company's stock after purchasing an additional 16,800 shares during the quarter. Northeast Investment Management's holdings in Fastenal were worth $1,411,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FAST. Brighton Jones LLC acquired a new stake in Fastenal during the 4th quarter valued at approximately $496,000. GAMMA Investing LLC grew its position in shares of Fastenal by 11.4% in the 1st quarter. GAMMA Investing LLC now owns 21,847 shares of the company's stock worth $1,694,000 after acquiring an additional 2,240 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Fastenal by 55.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 364,694 shares of the company's stock worth $28,282,000 after acquiring an additional 130,071 shares in the last quarter. Premier Path Wealth Partners LLC grew its position in shares of Fastenal by 10.9% in the 1st quarter. Premier Path Wealth Partners LLC now owns 4,175 shares of the company's stock worth $324,000 after acquiring an additional 409 shares in the last quarter. Finally, Boston Trust Walden Corp grew its position in shares of Fastenal by 17.6% in the 1st quarter. Boston Trust Walden Corp now owns 3,336 shares of the company's stock worth $259,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Trading Up 1.2%

Shares of NASDAQ FAST opened at $42.46 on Friday. The company has a market cap of $48.73 billion, a price-to-earnings ratio of 39.68, a price-to-earnings-growth ratio of 3.87 and a beta of 0.94. Fastenal Company has a 12-month low of $35.31 and a 12-month high of $50.63. The company has a current ratio of 4.26, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The stock's 50 day simple moving average is $47.83 and its 200 day simple moving average is $44.03.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company's revenue for the quarter was up 11.7% on a year-over-year basis. During the same period last year, the business posted $0.26 EPS. Equities research analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a yield of 2.1%. Fastenal's payout ratio is presently 82.24%.

Analysts Set New Price Targets

Several brokerages have recently commented on FAST. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. 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. Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Northcoast Research began coverage on Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating for the company. Finally, Stifel Nicolaus set a $82.00 target price on Fastenal in a research report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $46.50.

Insiders Place Their Bets

In other Fastenal news, 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 owned 11,880 shares of the company's stock, valued at $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders sold 90,178 shares of company stock worth $4,336,603 over the last 90 days. Insiders own 0.37% of the company's stock.

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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