TriaGen Wealth Management LLC Purchases 21,530 Shares of Fastenal Company $FAST

Key Points

• TriaGen Wealth Management LLC has significantly increased its holdings in Fastenal Company by 83.2%, acquiring an additional 21,530 shares during the second quarter, bringing its total to 47,396 shares valued at approximately $1.99 million.
• A majority of the stock, approximately 81.38%, is owned by institutional investors and hedge funds, indicating strong institutional interest in Fastenal.
• Fastenal reported quarterly earnings of $0.29 EPS, surpassing analyst estimates, with revenue up 8.6% year-over-year totaling $2.08 billion.

TriaGen Wealth Management LLC increased its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 83.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,396 shares of the company's stock after purchasing an additional 21,530 shares during the quarter. TriaGen Wealth Management LLC's holdings in Fastenal were worth $1,991,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Riverview Trust Co increased its holdings in shares of Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after buying an additional 292 shares in the last quarter. Hilltop National Bank bought a new stake in Fastenal during the 2nd quarter worth approximately $27,000. Armstrong Advisory Group Inc. grew its position 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 acquiring an additional 348 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock valued at $29,000 after purchasing an additional 342 shares in the last quarter. Finally, Clean Yield Group raised its position in Fastenal by 100.0% in the 2nd quarter. Clean Yield Group now owns 696 shares of the company's stock valued at $29,000 after purchasing an additional 348 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FAST. Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Stephens upped their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Finally, Loop Capital reissued a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $47.25.

Fastenal Stock Performance

Fastenal stock opened at $47.78 on Tuesday. The company has a market cap of $54.83 billion, a PE ratio of 45.94, a PEG ratio of 4.34 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 Company has a 1 year low of $34.69 and a 1 year high of $50.63. The company's 50-day moving average is $48.20 and its two-hundred day moving average is $43.71.

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

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were given a dividend of $0.22 per share. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal's payout ratio is presently 84.62%.

Insider Buying and Selling

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This trade represents a 36.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal 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 sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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.

About Fastenal

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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