Fifth Third Wealth Advisors LLC Buys 488,933 Shares of Fastenal Company $FAST

Key Points

• Fifth Third Wealth Advisors increased its Fastenal stake by 27.8% in the third quarter, buying 488,933 shares to hold 2.25 million shares valued at approximately $111.3 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.35 per share, exceeding estimates by $0.01, while revenue rose 15.5% year over year to $2.46 billion. The company also declared a quarterly dividend of $0.26 per share, representing a 2.0% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $51.46; the stock opened at $51.91 and is near its 52-week high of $52.92. Two company directors recently sold shares, while insider ownership stands at just 0.28%.

Fifth Third Wealth Advisors LLC grew its position in Fastenal Company (NASDAQ:FAST - Free Report) by 27.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,247,853 shares of the company's stock after buying an additional 488,933 shares during the period. Fastenal accounts for approximately 2.9% of Fifth Third Wealth Advisors LLC's investment portfolio, making the stock its 7th largest holding. Fifth Third Wealth Advisors LLC owned approximately 0.20% of Fastenal worth $111,336,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of FAST. XXI Wealth LLC raised its holdings in Fastenal by 5.0% during the 3rd quarter. XXI Wealth LLC now owns 6,731 shares of the company's stock worth $333,000 after buying an additional 319 shares during the period. NBT Bank N.A. acquired a new position in shares of Fastenal during the 3rd quarter worth approximately $794,000. Root Financial Partners LLC bought a new stake in Fastenal during the third quarter worth $135,000. Vest Financial LLC grew its holdings in Fastenal by 1.7% during the third quarter. Vest Financial LLC now owns 1,081,024 shares of the company's stock worth $53,543,000 after purchasing an additional 18,475 shares during the period. Finally, Axxcess Wealth Management LLC increased its holdings in shares of Fastenal by 86.5% during the 3rd quarter. Axxcess Wealth Management LLC now owns 12,511 shares of the company's stock worth $620,000 after acquiring an additional 5,804 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FAST. Robert W. Baird raised their price objective on shares of Fastenal from $59.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, October 15th. Barclays dropped their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. Morgan Stanley lifted their target price on Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Weiss Ratings raised Fastenal from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Finally, Wolfe Research initiated coverage on shares of Fastenal in a report on Tuesday, September 15th. They set an "underperform" rating and a $51.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $51.46.

Insider Activity at Fastenal

In other news, Director Michael Ancius sold 3,000 shares of the company's stock in a transaction on 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 sale, the director owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by corporate insiders.

Fastenal Price Performance

NASDAQ FAST opened at $51.91 on Friday. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The firm's 50-day simple moving average is $50.36 and its two-hundred day simple moving average is $47.73. The company has a quick ratio of 2.11, a current ratio of 3.93 and a debt-to-equity ratio of 0.01. The company has a market cap of $59.56 billion, a PE ratio of 42.52, a price-to-earnings-growth ratio of 3.16 and a beta of 0.69.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Wednesday, October 14th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.34 by $0.01. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the business earned $0.29 earnings per share. Fastenal's revenue was up 15.5% compared to the same quarter last year. Research analysts predict that Fastenal Company will post 1.27 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, October 28th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. Fastenal's dividend payout ratio is currently 83.87%.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.

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