NBT Bank N A NY Has $717,000 Stake in Fastenal Company $FAST

Key Points

• NBT Bank N A NY increased its stake in Fastenal Company by 100% during Q2, now holding 17,080 shares valued at $717,000.
• Fastenal Company reported an earnings per share (EPS) of $0.29 for the latest quarter, exceeding estimates of $0.28, with a revenue of $2.08 billion.
• Fastenal's recent quarterly dividend was $0.22 per share, representing an annualized yield of 1.9%, with a payout ratio of 84.62%.

NBT Bank N A NY lifted its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,080 shares of the company's stock after purchasing an additional 8,540 shares during the quarter. NBT Bank N A NY's holdings in Fastenal were worth $717,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund lifted its position in shares of Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after buying an additional 130 shares during the last quarter. Welch & Forbes LLC lifted its position in shares of Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock valued at $2,559,000 after buying an additional 135 shares during the last quarter. Principal Securities Inc. lifted its position in shares of Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company's stock valued at $1,142,000 after buying an additional 140 shares during the last quarter. Essex Financial Services Inc. lifted its position in shares of Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock valued at $688,000 after buying an additional 147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after buying an additional 147 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $47.55 on Thursday. The firm has a market capitalization of $54.57 billion, a P/E ratio of 45.72, a P/E/G ratio of 4.31 and a beta of 0.94. 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 stock's 50-day simple moving average is $48.24 and its two-hundred day simple moving average is $43.76. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63.

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

Fastenal Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FAST shares. JPMorgan Chase & Co. increased their price objective on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. Robert W. Baird raised Fastenal from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Wolfe Research reissued a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Finally, Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $47.41.

Insider Transactions at Fastenal

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock valued at $5,288,364 over the last 90 days. Company insiders own 0.37% of the company's stock.

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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