Ferguson Wellman Capital Management Inc. grew its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,756 shares of the company's stock after purchasing an additional 7,378 shares during the period. Ferguson Wellman Capital Management Inc.'s holdings in Fastenal were worth $620,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Baker Tilly Wealth Management LLC lifted its stake in shares of Fastenal by 106.8% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 5,911 shares of the company's stock valued at $248,000 after purchasing an additional 3,052 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Fastenal by 130.8% in the 2nd quarter. Exchange Traded Concepts LLC now owns 22,257 shares of the company's stock valued at $935,000 after purchasing an additional 12,615 shares during the last quarter. Bright Rock Capital Management LLC lifted its stake in shares of Fastenal by 100.0% in the 2nd quarter. Bright Rock Capital Management LLC now owns 101,600 shares of the company's stock valued at $4,267,000 after purchasing an additional 50,800 shares during the last quarter. Marshall Financial Group LLC bought a new stake in shares of Fastenal in the 2nd quarter valued at approximately $943,000. Finally, Fulton Bank N.A. lifted its stake in shares of Fastenal by 85.9% in the 2nd quarter. Fulton Bank N.A. now owns 51,898 shares of the company's stock valued at $2,180,000 after purchasing an additional 23,980 shares during the last quarter. 81.38% of the stock is owned by institutional investors.
Insider Transactions at Fastenal
In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer directly owned 10,192 shares in the company, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on 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 in the company, valued at $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 111,230 shares of company stock valued at $5,288,364. Company insiders own 0.37% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research note on Thursday, September 4th. Loop Capital reissued a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Wolfe Research reissued a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Finally, Stephens raised their price target on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Fastenal has an average rating of "Hold" and a consensus target price of $46.82.
Get Our Latest Stock Report on Fastenal
Fastenal Trading Down 1.0%
FAST traded down $0.46 during trading on Monday, hitting $47.12. 5,785,110 shares of the stock were exchanged, compared to its average volume of 5,858,801. The firm has a 50 day simple moving average of $47.89 and a 200 day simple moving average of $43.00. The firm has a market cap of $54.08 billion, a price-to-earnings ratio of 45.31, a P/E/G ratio of 4.33 and a beta of 0.97. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.
Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.Fastenal's quarterly revenue was up 8.6% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. As a group, equities analysts expect that Fastenal Company will post 2.15 EPS for the current year.
Fastenal Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is presently 84.62%.
About Fastenal
(
Free Report)
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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