6,600 Shares in Fastenal Company $FAST Acquired by Grant Private Wealth Management Inc

Key Points

• Grant Private Wealth Management Inc acquired 6,600 shares of Fastenal Company, worth approximately $277,000, marking a new investment position in the stock during the second quarter.
• Fastenal reported a quarterly earnings per share of $0.29, exceeding analysts' expectations and demonstrating an 8.6% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.22 per share, resulting in an annualized yield of 1.8%, while maintaining a high dividend payout ratio of 84.62%.

Grant Private Wealth Management Inc purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,600 shares of the company's stock, valued at approximately $277,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FAST. Brighton Jones LLC acquired a new position in shares of Fastenal during the 4th quarter valued at $496,000. Woodline Partners LP acquired a new stake in Fastenal during the fourth quarter worth about $1,953,000. Waverly Advisors LLC bought a new position in Fastenal during the 4th quarter valued at about $494,000. Focus Partners Advisor Solutions LLC boosted its stake in shares of Fastenal by 226.5% in the 4th quarter. Focus Partners Advisor Solutions LLC now owns 11,715 shares of the company's stock valued at $842,000 after purchasing an additional 8,127 shares during the last quarter. Finally, Vise Technologies Inc. lifted its position in Fastenal by 26.9% in the 4th quarter. Vise Technologies Inc. now owns 7,733 shares of the company's stock valued at $556,000 after acquiring an additional 1,640 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In related news, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction that occurred 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. This represents a 67.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock worth $5,288,364 over the last 90 days. 0.37% of the stock is currently owned by insiders.

Fastenal Price Performance

NASDAQ:FAST traded up $0.36 during trading hours on Friday, hitting $47.58. The company's stock had a trading volume of 13,747,553 shares, compared to its average volume of 5,858,801. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The company has a market capitalization of $54.60 billion, a PE ratio of 45.75, a PEG ratio of 4.33 and a beta of 0.97. Fastenal Company has a 52-week low of $34.69 and a 52-week high of $50.63. The business's 50-day moving average is $47.84 and its two-hundred day moving average is $42.95.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter last year, the firm earned $0.25 EPS. The business's revenue was up 8.6% on a year-over-year basis. As a group, research analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FAST. Stephens lifted their price target on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a report on Thursday, July 3rd. Finally, Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. One equities research 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 stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $46.82.

Fastenal Profile

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.