Haverford Trust Co Makes New $1.55 Million Investment in Fastenal Company $FAST

Key Points

• Haverford Trust purchased a new 32,210-share stake in Fastenal during the second quarter, valued at approximately $1.55 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share and revenue of $2.39 billion, with revenue rising 14.7% year over year and exceeding analyst expectations.
• The company increased its quarterly dividend from $0.24 to $0.26 per share, implying an annualized dividend of $1.04 and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $49.17.

Haverford Trust Co purchased a new stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 32,210 shares of the company's stock, valued at approximately $1,547,000.

Other large investors have also recently made changes to their positions in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Fastenal in the 2nd quarter valued at $26,000. Evergreen Advisors LLC purchased a new position in Fastenal in the 1st quarter worth $26,000. Palladiem LLC bought a new stake in Fastenal in the fourth quarter worth $25,000. Elyxium Wealth LLC purchased a new stake in Fastenal during the fourth quarter valued at about $25,000. Finally, MV Capital Management Inc. bought a new position in shares of Fastenal during the fourth quarter valued at about $29,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Price Performance

FAST stock opened at $51.26 on Friday. The firm's 50-day moving average price is $47.96 and its two-hundred day moving average price is $46.37. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The stock has a market capitalization of $58.82 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 3.20 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. Fastenal's revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.29 earnings per share. As a group, equities analysts predict that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is 88.14%.

Insider Buying and Selling

In other news, Director Rita J. Heise sold 34,964 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares of the company's stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction that occurred 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 transaction, 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 SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FAST has been the topic of several analyst reports. Barclays decreased their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a report on Thursday, July 16th. Sanford C. Bernstein restated an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. DA Davidson restated a "neutral" rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Robert W. Baird set a $54.00 price target on Fastenal in a research note on Friday, August 7th. Finally, Weiss Ratings downgraded Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $49.17.

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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