ProShare Advisors LLC Acquires 151,085 Shares of Fastenal Company $FAST

Key Points

• ProShare Advisors increased its Fastenal holdings by 3.2%, acquiring 151,085 additional shares and bringing its position to 4.92 million shares worth approximately $243.5 million. Institutional investors collectively own 81.38% of the company.
• Fastenal beat quarterly expectations with earnings of $0.35 per share and revenue of $2.46 billion, while revenue increased 15.5% year over year. The company also announced a quarterly dividend of $0.26 per share, representing a 2.0% annualized yield.
• Analyst sentiment remains mixed: the stock has an overall “Hold” rating and an average price target of $51.46, compared with a recent share price of $51.91.

ProShare Advisors LLC raised its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 3.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,916,029 shares of the company's stock after purchasing an additional 151,085 shares during the quarter. ProShare Advisors LLC owned 0.43% of Fastenal worth $243,491,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Integrated Advisors Network LLC grew its holdings in Fastenal by 3.9% during the 3rd quarter. Integrated Advisors Network LLC now owns 5,548 shares of the company's stock worth $275,000 after acquiring an additional 208 shares during the period. High Net Worth Advisory Group LLC raised its holdings in shares of Fastenal by 2.4% in the 2nd quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company's stock valued at $433,000 after acquiring an additional 214 shares in the last quarter. Tandem Investment Advisors Inc. increased its position in Fastenal by 1.8% during the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after purchasing an additional 224 shares during the period. Sound Income Strategies LLC grew its holdings in shares of Fastenal by 12.9% in the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock worth $94,000 after acquiring an additional 232 shares during the period. Finally, Pure Financial Advisors LLC boosted its position in shares of Fastenal by 3.4% during the 2nd quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company's stock valued at $344,000 after acquiring an additional 235 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Price Performance

Shares of FAST stock opened at $51.91 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.93 and a quick ratio of 2.11. The firm has a fifty day moving average of $50.48 and a two-hundred day moving average of $47.19. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $53.30. The firm has a market cap of $59.56 billion, a P/E ratio of 41.86, a P/E/G ratio of 3.11 and a beta of 0.69.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Wednesday, October 14th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. The business had revenue of $2.46 billion during the quarter, compared to analysts' expectations of $2.44 billion. Fastenal had a net margin of 15.62% and a return on equity of 35.13%. The firm's revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. As a group, research analysts anticipate that Fastenal Company will post 1.27 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 25th. Investors of record on Wednesday, October 28th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, October 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. Fastenal's dividend payout ratio (DPR) is currently 83.87%.

Insider Activity

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction dated 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 transaction, the director owned 20,000 shares of the company's stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.28% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Robert W. Baird lifted their price target on Fastenal from $59.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, October 15th. Argus lifted their price target on Fastenal from $55.00 to $59.00 and gave the stock a "buy" rating in a research report on Wednesday, October 21st. DA Davidson set a $51.00 price target on shares of Fastenal and gave the company a "neutral" rating in a report on Tuesday, October 13th. Morgan Stanley boosted their price target on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Finally, Sanford C. Bernstein reiterated an "underperform" rating and issued a $47.00 target price (up from $42.00) on shares of Fastenal in a research note on Thursday, October 15th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $51.46.

About Fastenal

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.

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