Fastenal Company $FAST Shares Purchased by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC boosted its stake in Fastenal by 56.0%, buying 529,606 shares to own 1,474,717 shares valued at about $61.27 million.
• Fastenal reported Q4 EPS of $0.26 (in line with estimates) and revenue of $2.03 billion, up 11.1% year-over-year, while analysts hold a consensus "Hold" rating with an average price target of $48.83.
• The company raised its quarterly dividend to $0.24 (annualized $0.96, ~2.2% yield) and experienced notable insider sales by directors, with institutional ownership around 81.4%.

Wealth Enhancement Advisory Services LLC raised its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 56.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,474,717 shares of the company's stock after purchasing an additional 529,606 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.13% of Fastenal worth $61,273,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. NorthCrest Asset Manangement LLC grew its holdings in Fastenal by 31.0% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 34,760 shares of the company's stock worth $1,430,000 after acquiring an additional 8,230 shares during the period. Lincoln Capital LLC lifted its holdings in Fastenal by 22.4% in the fourth quarter. Lincoln Capital LLC now owns 69,988 shares of the company's stock valued at $2,809,000 after acquiring an additional 12,800 shares during the period. Orgel Wealth Management LLC acquired a new stake in Fastenal in the fourth quarter valued at $1,320,000. Lake Hills Wealth Management LLC purchased a new stake in shares of Fastenal during the 4th quarter worth $408,000. Finally, Union Bancaire Privee UBP SA grew its stake in shares of Fastenal by 1,827.9% during the 4th quarter. Union Bancaire Privee UBP SA now owns 468,327 shares of the company's stock worth $18,040,000 after purchasing an additional 444,035 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Down 1.6%

Shares of FAST opened at $43.76 on Monday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.85 and a quick ratio of 2.41. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The stock has a market cap of $50.25 billion, a price-to-earnings ratio of 39.78, a price-to-earnings-growth ratio of 2.79 and a beta of 0.88. The firm has a 50 day simple moving average of $45.27 and a 200-day simple moving average of $43.93.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.26. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the prior year, the company earned $0.46 EPS. Fastenal's revenue was up 11.1% on a year-over-year basis. Equities analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, January 29th were given a dividend of $0.24 per share. The ex-dividend date was Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a yield of 2.2%. This is a boost from Fastenal's previous quarterly dividend of $0.22. Fastenal's dividend payout ratio (DPR) is 87.27%.

Insider Activity

In related news, Director Scott Satterlee sold 15,964 shares of the firm's stock in a transaction that occurred on Friday, January 23rd. The shares were sold at an average price of $44.19, for a total transaction of $705,449.16. Following the sale, the director owned 50,000 shares in the company, valued at approximately $2,209,500. This trade represents a 24.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Reyne K. Wisecup sold 36,920 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the transaction, the director owned 40,000 shares of the company's stock, valued at $1,893,600. This trade represents a 48.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FAST. Robert W. Baird increased their price target on shares of Fastenal from $51.00 to $52.00 and gave the company an "outperform" rating in a report on Friday, March 6th. Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the stock a "buy" rating in a report on Monday, December 15th. Barclays increased their target price on shares of Fastenal from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, March 6th. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research report on Wednesday, January 21st. Finally, Wolfe Research boosted their price target on Fastenal from $42.00 to $43.00 and gave the stock an "underperform" rating in a research note on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $48.83.

About Fastenal

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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