Taylor Frigon Capital Management LLC Has $1.26 Million Position in Fastenal Company $FAST

Key Points

• Taylor Frigon Capital Management LLC significantly increased its position in Fastenal Company by 97.1%, holding 30,016 shares valued at approximately $1.26 million.
• Several other institutional investors also boosted their stakes in Fastenal during the second quarter, with changes including a 4,900% increase from Garde Capital Inc.
• Despite recent insider sales amounting to over $5 million during the last quarter, the company maintains strong performance with a net margin of 15.30% and revenue growth of 8.6% year-over-year.

Taylor Frigon Capital Management LLC raised its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 97.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,016 shares of the company's stock after purchasing an additional 14,787 shares during the quarter. Taylor Frigon Capital Management LLC's holdings in Fastenal were worth $1,261,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Armstrong Advisory Group Inc. lifted its position in Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock valued at $29,000 after acquiring an additional 348 shares in the last quarter. AdvisorNet Financial Inc raised its stake in shares of Fastenal by 95.0% in the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after purchasing an additional 342 shares during the last quarter. Clean Yield Group lifted its holdings in shares of Fastenal by 100.0% in the second quarter. Clean Yield Group now owns 696 shares of the company's stock valued at $29,000 after purchasing an additional 348 shares in the last quarter. Garde Capital Inc. lifted its holdings in shares of Fastenal by 4,900.0% in the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock valued at $32,000 after purchasing an additional 735 shares in the last quarter. Finally, SJS Investment Consulting Inc. boosted its position in shares of Fastenal by 86.3% during the second quarter. SJS Investment Consulting Inc. now owns 842 shares of the company's stock valued at $35,000 after buying an additional 390 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Insider Activity at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm'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 sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,230 shares of company stock worth $5,288,364. Company insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FAST shares. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research note on Thursday, September 4th. Loop Capital reiterated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Wolfe Research restated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Finally, Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $46.82.

Fastenal Trading Up 1.8%

NASDAQ FAST opened at $48.70 on Monday. The business's fifty day moving average is $48.07 and its 200-day moving average is $43.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The stock has a market capitalization of $55.89 billion, a price-to-earnings ratio of 46.83, a PEG ratio of 4.43 and a beta of 0.97. Fastenal Company has a one year low of $34.69 and a one year high of $50.63.

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

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's payout ratio is 84.62%.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.