NewEdge Wealth LLC Takes Position in Fastenal Company $FAST

Key Points

• NewEdge Wealth purchased 136,014 Fastenal shares in the second quarter, valued at approximately $6.5 million. Institutional investors collectively own 81.38% of the company.
• Fastenal insiders recently sold shares, including director Rita J. Heise’s sale of 34,964 shares for about $1.75 million; insiders own just 0.28% of the stock.
• Analysts have a consensus “Hold” rating with an average price target of $49.17, while Fastenal reported quarterly EPS of $0.33 and revenue of $2.39 billion. The company also raised its quarterly dividend to $0.26 per share.

NewEdge Wealth LLC purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 136,014 shares of the company's stock, valued at approximately $6,533,000.

Several other institutional investors have also recently bought and sold shares of FAST. Integrated Wealth Concepts LLC boosted its position in Fastenal by 2.4% in 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. Tandem Investment Advisors Inc. raised its position in shares of Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock worth $573,000 after acquiring an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its position in shares of Fastenal by 0.3% during the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock worth $2,749,000 after acquiring an additional 226 shares during the last quarter. Sound Income Strategies LLC lifted its stake in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after acquiring an additional 232 shares during the period. Finally, L2 Asset Management LLC lifted its stake in shares of Fastenal by 4.8% during the third quarter. L2 Asset Management LLC now owns 5,389 shares of the company's stock valued at $264,000 after acquiring an additional 248 shares during the period. Institutional investors own 81.38% of the company's stock.

Insider Transactions at Fastenal

In related news, Director Rita J. Heise sold 34,964 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. The trade was a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

FAST has been the topic of several recent research reports. DA Davidson reiterated a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Robert W. Baird set a $54.00 target price on shares of Fastenal in a research report on Friday, August 7th. Wolfe Research reaffirmed an "underperform" rating and issued a $47.00 target price on shares of Fastenal in a research note on Thursday, July 9th. Finally, Weiss Ratings cut shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $49.17.

Fastenal Stock Up 0.3%

Shares of Fastenal stock opened at $51.44 on Thursday. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The business has a fifty day simple moving average of $47.78 and a 200 day simple moving average of $46.28. The stock has a market cap of $59.03 billion, a PE ratio of 43.59, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72.

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

Fastenal Increases Dividend

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

About Fastenal

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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