Merit Financial Group LLC Has $16.70 Million Stock Holdings in Fastenal Company $FAST

Key Points

• Merit Financial Group LLC increased its stake in Fastenal Company by 167.4% during Q2, owning 397,493 shares worth approximately $16.7 million after purchasing an additional 248,866 shares.
• Research analysts have recently upgraded Fastenal's stock rating, with Robert W. Baird raising the price target from $47 to $55 and several others adjusting their targets, indicating a generally positive outlook for the stock.
• Fastenal recently reported a quarterly EPS of $0.29, beating the consensus estimate by $0.01, and its revenue rose 8.6% year-over-year with a net margin of 15.30%.

Merit Financial Group LLC increased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 167.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 397,493 shares of the company's stock after buying an additional 248,866 shares during the period. Merit Financial Group LLC's holdings in Fastenal were worth $16,695,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in FAST. Brighton Jones LLC acquired a new stake in Fastenal during the 4th quarter worth approximately $496,000. NBC Securities Inc. boosted its position in Fastenal by 174,400.0% during the 1st quarter. NBC Securities Inc. now owns 1,745 shares of the company's stock worth $135,000 after buying an additional 1,744 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its position in Fastenal by 28.5% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,745 shares of the company's stock worth $291,000 after buying an additional 830 shares during the period. Procyon Advisors LLC lifted its position in shares of Fastenal by 4.3% in the 1st quarter. Procyon Advisors LLC now owns 12,574 shares of the company's stock worth $975,000 after purchasing an additional 524 shares during the period. Finally, SeaCrest Wealth Management LLC lifted its position in shares of Fastenal by 1.7% in the 1st quarter. SeaCrest Wealth Management LLC now owns 10,225 shares of the company's stock worth $793,000 after purchasing an additional 172 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FAST shares. Robert W. Baird upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. Stephens boosted their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Northcoast Research started coverage on shares of Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating on the stock. Wolfe Research restated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $46.82.

Fastenal Stock Performance

NASDAQ FAST opened at $47.88 on Friday. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The firm has a market cap of $54.95 billion, a price-to-earnings ratio of 46.04, a PEG ratio of 4.34 and a beta of 0.94. The company has a fifty day moving average price of $48.18 and a 200-day moving average price of $43.60.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (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 during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the business posted $0.25 EPS. The business's revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal's dividend payout ratio is presently 84.62%.

Insider Activity

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the sale, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. This represents a 67.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the company's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by insiders.

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.

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