Trueblood Wealth Management LLC Acquires 10,638 Shares of Fastenal Company $FAST

Key Points

• Trueblood Wealth Management LLC has increased its holdings in Fastenal Company by 102.9%, acquiring an additional 10,638 shares, bringing their total to 20,981 shares valued at $881,000.
• Several analysts have issued new price targets for Fastenal, with JPMorgan Chase raising their target from $41.00 to $46.00 and Robert W. Baird upgrading the company from "neutral" to "outperform" with a new target of $55.00.
• Fastenal's recent quarterly earnings exceeded estimates, with revenues of $2.08 billion reported, an 8.6% increase from the previous year, and a reported EPS of $0.29, beating analysts' expectations of $0.28.

Trueblood Wealth Management LLC grew its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 102.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,981 shares of the company's stock after purchasing an additional 10,638 shares during the quarter. Trueblood Wealth Management LLC's holdings in Fastenal were worth $881,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FAST. 1248 Management LLC bought a new position in Fastenal in the 1st quarter worth about $36,000. Horizon Financial Services LLC boosted its stake in Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares during the period. Riverview Trust Co boosted its stake in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after purchasing an additional 292 shares during the period. Zions Bancorporation National Association UT bought a new position in Fastenal in the 1st quarter worth about $49,000. Finally, Hilltop National Bank bought a new position in Fastenal in the 2nd quarter worth about $27,000. Institutional investors own 81.38% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a research note on Saturday, September 27th. JPMorgan Chase & Co. raised their target price on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research note on Thursday, September 4th. Wolfe Research restated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating for the company. Finally, Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $47.25.

Fastenal Stock Performance

Shares of FAST opened at $47.78 on Tuesday. The company has a market cap of $54.83 billion, a PE ratio of 45.94, a price-to-earnings-growth 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. The stock has a 50-day moving average price of $48.20 and a 200-day moving average price of $43.71. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63.

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

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were issued a dividend of $0.22 per share. 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 dividend payout ratio (DPR) is currently 84.62%.

Insider Transactions at Fastenal

In related news, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were 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 approximately $583,747.98. This represents a 36.32% 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 valued at $5,288,364. 0.37% of the stock is currently owned by corporate insiders.

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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