Legacy Financial Strategies LLC Raises Stock Position in Fastenal Company $FAST

Key Points

• Legacy Financial Strategies LLC significantly increased its position in Fastenal Company by 108.5%, owning 68,356 shares worth approximately $2.87 million.
• Fastenal's stock has gained attention as analysts have raised their ratings, with Robert W. Baird elevating it from "neutral" to "outperform" and setting a new price target of $55.00.
• The company recently reported quarterly earnings that exceeded expectations, with a net margin of 15.30% and revenue of $2.08 billion, reflecting an 8.6% year-over-year growth.

Legacy Financial Strategies LLC grew its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 108.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 68,356 shares of the company's stock after buying an additional 35,567 shares during the period. Legacy Financial Strategies LLC's holdings in Fastenal were worth $2,871,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. 1248 Management LLC purchased a new stake in shares of Fastenal in the first quarter valued at about $36,000. Horizon Financial Services LLC raised its holdings in shares of Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after buying an additional 533 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Fastenal in the first quarter valued at about $49,000. TruNorth Capital Management LLC purchased a new stake in shares of Fastenal in the first quarter valued at about $57,000. Finally, Golden State Wealth Management LLC raised its holdings in shares of Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock valued at $58,000 after buying an additional 736 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,230 shares of company stock worth $5,288,364. Company insiders own 0.37% of the company's stock.

Fastenal Trading Down 0.9%

Shares of FAST traded down $0.45 on Monday, hitting $47.13. 3,656,119 shares of the stock traded hands, compared to its average volume of 6,538,124. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $54.09 billion, a P/E ratio of 45.32, a P/E/G ratio of 4.33 and a beta of 0.97. The stock's 50 day moving average is $47.84 and its two-hundred day moving average is $42.95. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 earnings per share. As a group, sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. Fastenal's dividend payout ratio (DPR) is currently 84.62%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FAST shares. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Northcoast Research assumed coverage on shares of Fastenal in a report on Thursday, August 21st. They set a "neutral" rating for the company. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a report on Thursday, July 3rd. Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. One investment 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 given a Sell rating to the company. According to data from MarketBeat, Fastenal has an average rating of "Hold" and a consensus target price of $46.82.

About Fastenal

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.