Fastenal Company $FAST Stock Holdings Lifted by Beacon Pointe Advisors LLC

Key Points

• Beacon Pointe Advisors increased its Fastenal stake by 15.9% in the second quarter, bringing its holdings to 270,842 shares valued at approximately $13.0 million. Institutional investors collectively own 81.38% of Fastenal.
• Fastenal reported quarterly earnings of $0.33 per share, in line with estimates, while revenue of $2.39 billion exceeded forecasts and rose 14.7% year over year. The company also raised its quarterly dividend from $0.24 to $0.26 per share.
• Analyst sentiment remains mixed, with Fastenal holding an average “Hold” rating and an average price target of $49.17. Shares opened at $49.78 after declining 2.6%, while two directors recently sold company stock.

Beacon Pointe Advisors LLC raised its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 15.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 270,842 shares of the company's stock after buying an additional 37,198 shares during the quarter. Beacon Pointe Advisors LLC's holdings in Fastenal were worth $13,009,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FAST. Integrated Wealth Concepts LLC grew its position in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after purchasing an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. raised its position in shares of Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after buying an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its position in shares of Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock valued at $2,749,000 after buying an additional 226 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Fastenal by 12.9% in the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after buying an additional 232 shares during the period. Finally, Pure Financial Advisors LLC grew its position in Fastenal by 3.4% during the second quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company's stock worth $344,000 after buying an additional 235 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In other news, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares in the company, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on FAST shares. Morgan Stanley increased their price target on shares of Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Wolfe Research restated an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research note on Wednesday, July 15th. Finally, Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average price target of $49.17.

Fastenal Trading Down 2.6%

Shares of NASDAQ:FAST opened at $49.78 on Friday. The business's 50 day simple moving average is $48.45 and its 200 day simple moving average is $46.50. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market capitalization of $57.12 billion, a P/E ratio of 42.19, a P/E/G ratio of 3.19 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company's revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. On average, research analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were given a dividend of $0.26 per share. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, July 28th. Fastenal's dividend payout ratio (DPR) is currently 88.14%.

Fastenal Profile

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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