Stiles Financial Services Inc Purchases 52,276 Shares of Fastenal Company $FAST

Key Points

• Stiles Financial Services Inc has increased its stake in Fastenal Company by 95.5%, acquiring an additional 52,276 shares and bringing its total holdings to 107,028 shares.
• Several hedge funds, including Riverview Trust Co and Armstrong Advisory Group Inc., have also raised their investments in Fastenal during the second quarter, reflecting strong institutional interest in the company.
• Fastenal's recent earnings report showed a year-over-year revenue increase of 8.6% and an earnings per share (EPS) of $0.29, slightly exceeding expectations.

Stiles Financial Services Inc increased its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 95.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 107,028 shares of the company's stock after acquiring an additional 52,276 shares during the period. Fastenal comprises about 1.6% of Stiles Financial Services Inc's portfolio, making the stock its 11th biggest position. Stiles Financial Services Inc's holdings in Fastenal were worth $4,495,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FAST. Riverview Trust Co lifted its holdings in Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after buying an additional 292 shares during the period. Hilltop National Bank acquired a new position in Fastenal during the 2nd quarter worth about $27,000. Armstrong Advisory Group Inc. lifted its holdings in Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock worth $29,000 after buying an additional 348 shares during the period. AdvisorNet Financial Inc lifted its holdings in Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after buying an additional 342 shares during the period. Finally, Clean Yield Group lifted its holdings in Fastenal by 100.0% during the 2nd quarter. Clean Yield Group now owns 696 shares of the company's stock worth $29,000 after buying an additional 348 shares during the period. Institutional investors own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

FAST has been the topic of a number of recent analyst reports. Barclays initiated coverage on Fastenal in a research note on Tuesday. They issued a "positive" rating and a $49.00 price objective on the stock. Loop Capital reissued a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. JPMorgan Chase & Co. boosted their price objective on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Morgan Stanley set a $40.00 price objective on Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. Finally, Stephens boosted their price objective on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $47.41.

Insider Buying and Selling

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the business's 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 worth $5,288,364 in the last ninety days. Corporate insiders own 0.37% of the company's stock.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $46.71 on Friday. The stock has a fifty day simple moving average of $48.25 and a two-hundred day simple moving average of $43.82. Fastenal Company has a 1-year low of $34.94 and a 1-year high of $50.63. The firm has a market cap of $53.61 billion, a price-to-earnings ratio of 44.91, a price-to-earnings-growth ratio of 4.31 and a beta of 0.94. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

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. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.25 earnings per share. Analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Company 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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