Norden Group LLC Increases Stake in Fastenal Company $FAST

Key Points

• Norden Group LLC significantly increased its holdings in Fastenal Company by 212.7%, owning 38,757 shares valued at approximately $1.63 million.
• The recent analyst ratings show a mix of strong performance outlooks, with target prices rising from $40 to $55 among various analysts.
• Fastenal reported a quarterly EPS of $0.29, exceeding estimates, and announced a dividend of $0.22, despite an 84.62% payout ratio.

Norden Group LLC increased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 212.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,757 shares of the company's stock after acquiring an additional 26,364 shares during the period. Norden Group LLC's holdings in Fastenal were worth $1,628,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. 1248 Management LLC acquired a new position in Fastenal during the first quarter worth $36,000. Horizon Financial Services LLC grew its holdings in Fastenal by 5,330.0% during the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after acquiring an additional 533 shares during the period. Zions Bancorporation National Association UT acquired a new position in Fastenal during the first quarter worth $49,000. Armstrong Advisory Group Inc. grew its holdings in Fastenal by 100.0% during the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock worth $29,000 after acquiring an additional 348 shares during the period. Finally, AdvisorNet Financial Inc grew its holdings in Fastenal by 95.0% during the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after acquiring an additional 342 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Ratings Changes

FAST has been the topic of a number of recent analyst reports. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Stephens boosted their target price on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their target price on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. Finally, Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and a consensus target price of $46.82.

Insiders Place Their Bets

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

Fastenal Stock Down 0.9%

Shares of NASDAQ:FAST opened at $47.54 on Thursday. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. Fastenal Company has a 52-week low of $34.69 and a 52-week high of $50.63. The stock's fifty day simple moving average is $47.98 and its 200-day simple moving average is $43.07. The company has a market capitalization of $54.56 billion, a P/E ratio of 45.71, a P/E/G ratio of 4.36 and a beta of 0.97.

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

Fastenal Cuts Dividend

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

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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