Legacy Wealth Asset Management LLC Invests $327,000 in Fastenal Company $FAST

Key Points

• Legacy Wealth Asset Management LLC invested $327,000 in Fastenal Company, acquiring 7,788 shares in the second quarter.
• Fastenal's recent earnings report indicated an earnings per share (EPS) of $0.29, missing the consensus estimate of $0.30, while revenue matched expectations at $2.13 billion.
• The company declared a quarterly dividend of $0.22 per share, with the ex-dividend date set for October 28th; this represents an annualized dividend of $0.88 and a yield of 2.0%.

Legacy Wealth Asset Management LLC purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,788 shares of the company's stock, valued at approximately $327,000.

Several other institutional investors have also recently added to or reduced their stakes in FAST. Riverview Trust Co increased its position in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after acquiring an additional 292 shares during the period. Hilltop National Bank acquired a new position in Fastenal in the 2nd quarter valued at about $27,000. Private Wealth Management Group LLC increased its position in Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock valued at $27,000 after acquiring an additional 339 shares during the period. Armstrong Advisory Group Inc. increased its position in Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock valued at $29,000 after acquiring an additional 348 shares during the period. Finally, AdvisorNet Financial Inc increased its position in Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock valued at $29,000 after acquiring an additional 342 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Transactions at Fastenal

In other news, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider owned 11,880 shares of the company's stock, valued at $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This trade represents a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 90,178 shares of company stock worth $4,336,603 over the last quarter. Insiders own 0.37% of the company's stock.

Fastenal Price Performance

Shares of NASDAQ:FAST opened at $43.32 on Wednesday. The business's 50 day simple moving average is $47.63 and its 200-day simple moving average is $44.10. The firm has a market capitalization of $49.73 billion, a price-to-earnings ratio of 40.49, a price-to-earnings-growth ratio of 3.92 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. Fastenal Company has a 12 month low of $35.31 and a 12 month high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). The firm had revenue of $2.13 billion for the quarter, compared to analysts' expectations of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal's revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $0.26 EPS. As a group, equities analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.0%. Fastenal's payout ratio is 82.24%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FAST. Robert W. Baird dropped their price target on Fastenal from $53.00 to $49.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 14th. Northcoast Research began coverage on Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a research report on Wednesday, October 8th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Finally, Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Fastenal currently has an average rating of "Hold" and a consensus target price of $46.50.

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.

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