Meeder Advisory Services Inc. Invests $1.90 Million in Fastenal Company $FAST

Key Points

• Meeder Advisory Services acquired 39,563 Fastenal shares worth approximately $1.9 million, while institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, and earnings of $0.33 per share, matching analyst expectations.
• The company raised its quarterly dividend from $0.24 to $0.26 per share, implying a $1.04 annualized dividend and a 2.0% yield; analysts maintain a consensus “Hold” rating with a $49.17 average price target.

Meeder Advisory Services Inc. acquired a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 39,563 shares of the company's stock, valued at approximately $1,900,000.

Other institutional investors also recently modified their holdings of the company. Elyxium Wealth LLC bought a new stake in Fastenal in the fourth quarter valued at $25,000. Palladiem LLC bought a new position in shares of Fastenal during the 4th quarter worth about $25,000. Evergreen Advisors LLC bought a new position in shares of Fastenal during the 1st quarter worth about $26,000. MV Capital Management Inc. acquired a new stake in shares of Fastenal in the 4th quarter valued at about $29,000. Finally, Field & Main Bank bought a new stake in Fastenal in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Insiders Place Their Bets

In related news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director directly owned 20,000 shares of the company's stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of the firm's stock in a transaction 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 in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company's stock.

Fastenal Price Performance

FAST stock opened at $51.27 on Wednesday. The company has a market capitalization of $58.83 billion, a P/E ratio of 43.45, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The business has a 50-day simple moving average of $47.67 and a two-hundred day simple moving average of $46.22.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the business posted $0.29 earnings per share. The company's quarterly revenue was up 14.7% compared to the same quarter last year. Research analysts expect that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. This is an increase from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. Fastenal's dividend payout ratio is currently 88.14%.

Analysts Set New Price Targets

Several brokerages have issued reports on FAST. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Morgan Stanley boosted their price objective on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Finally, DA Davidson reissued a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal presently has an average rating of "Hold" and an average 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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