LeConte Wealth Management LLC Invests $293,000 in Fastenal Company $FAST

Key Points

• LeConte Wealth Management LLC invested $293,000 in Fastenal Company by purchasing 6,984 shares during the second quarter, as disclosed in a Form 13F filing with the SEC.
• Major institutional investors including Vanguard Group Inc. and Charles Schwab Investment Management Inc. have increased their positions in Fastenal, which is now 81.38% owned by such entities.
• Analysts express mixed sentiments on Fastenal stock, with a consensus rating of "Hold" and a target price averaging around $46.82, highlighting its earnings beat but cautious outlook on tariffs.

LeConte Wealth Management LLC bought a new position in shares of 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 fund bought 6,984 shares of the company's stock, valued at approximately $293,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock worth $5,685,754,000 after acquiring an additional 1,016,479 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after acquiring an additional 1,850,871 shares during the last quarter. Baird Financial Group Inc. boosted its position in Fastenal by 1.7% during the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock worth $652,875,000 after acquiring an additional 142,972 shares during the last quarter. Principal Financial Group Inc. boosted its position in Fastenal by 2.6% during the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock worth $511,198,000 after acquiring an additional 168,830 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Fastenal by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company's stock worth $460,153,000 after acquiring an additional 613,254 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FAST shares. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Stephens boosted their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $46.82.

Insider Activity at Fastenal

In other news, EVP John Lewis Soderberg sold 34,612 shares of the company's 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the transaction, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is owned by insiders.

Fastenal Stock Performance

NASDAQ:FAST opened at $47.54 on Thursday. The company's 50-day moving average is $47.98 and its two-hundred day moving average is $43.07. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. Fastenal Company has a 1-year low of $34.69 and a 1-year high of $50.63. The firm has a market capitalization of $54.56 billion, a price-to-earnings ratio of 45.71, a PEG ratio of 4.36 and a beta of 0.97.

Fastenal (NASDAQ:FAST - Get Free Report) last issued 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. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period in the prior year, the business posted $0.25 EPS. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts forecast that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio is currently 84.62%.

Fastenal Company 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.

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