Wendell David Associates Inc. Has $3.29 Million Holdings in Fastenal Company $FAST

Key Points

• Wendell David Associates Inc. increased its holdings in Fastenal Company by 100.0% in the second quarter, now owning 78,400 shares valued at approximately $3.29 million.
• Insider trading activity included William Joseph Drazkowski selling 6,842 shares for around $333,000, while Hsenghung Sam Hsu bought 1,000 shares valued at $42,450.
• Fastenal reported $0.29 earnings per share for the last quarter, missing the consensus estimate by $0.01, but had an 11.7% year-over-year revenue increase.

Wendell David Associates Inc. grew its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,400 shares of the company's stock after purchasing an additional 39,200 shares during the period. Wendell David Associates Inc.'s holdings in Fastenal were worth $3,293,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FAST. Riverview Trust Co grew its position in shares of Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after purchasing an additional 292 shares in the last quarter. Hilltop National Bank acquired a new position in shares of Fastenal during the 2nd quarter worth approximately $27,000. Private Wealth Management Group LLC grew its position in shares of Fastenal by 111.9% during the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company's stock worth $27,000 after purchasing an additional 339 shares in the last quarter. Armstrong Advisory Group Inc. boosted its position in shares of 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 in the last quarter. Finally, AdvisorNet Financial Inc boosted its position in shares of Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after acquiring an additional 342 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the stock in a transaction that occurred on Thursday, October 16th. The shares were purchased at an average cost of $42.45 per share, with a total value of $42,450.00. Following the purchase, the director directly owned 9,000 shares of the company's stock, valued at $382,050. The trade was a 12.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 90,178 shares of company stock worth $4,336,603 over the last ninety days. Insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Northcoast Research assumed coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating on the stock. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Robert W. Baird reduced their price target on shares of Fastenal from $53.00 to $49.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 14th. Finally, Stephens raised their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report 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 given a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $46.50.

Fastenal Price Performance

FAST stock opened at $42.46 on Friday. The company has a fifty day moving average price of $47.83 and a 200-day moving average price of $44.03. The company has a market capitalization of $48.73 billion, a P/E ratio of 39.68, a PEG ratio of 3.87 and a beta of 0.94. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.26.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. Fastenal's revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 EPS. As a group, equities analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. Fastenal's dividend payout ratio (DPR) is presently 82.24%.

Fastenal 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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