Wiregrass Investment Management LLC Invests $1.02 Million in Fastenal Company $FAST

Key Points

• Wiregrass Investment Management initiated a new position in Fastenal, purchasing 25,422 shares in Q4 valued at about $1.02 million.
• Fastenal director Reyne K. Wisecup sold 36,920 shares on March 5 for roughly $1.75 million, reducing their stake by 48%, signaling notable insider selling.
• Analysts have a consensus rating of Hold with a $49.77 average price target; Fastenal's latest quarter matched EPS estimates ($0.30) with revenue up 12.4% year-over-year and a $0.24 quarterly dividend (2.1% yield).

Wiregrass Investment Management LLC purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,422 shares of the company's stock, valued at approximately $1,020,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Fastenal by 1.6% during the third quarter. Vanguard Group Inc. now owns 151,515,539 shares of the company's stock worth $7,430,322,000 after buying an additional 2,346,045 shares during the last quarter. National Pension Service grew its stake in shares of Fastenal by 3.6% during the third quarter. National Pension Service now owns 1,558,579 shares of the company's stock worth $76,433,000 after purchasing an additional 53,888 shares during the period. Nordea Investment Management AB grew its stake in shares of Fastenal by 6.3% during the third quarter. Nordea Investment Management AB now owns 3,713,469 shares of the company's stock worth $181,626,000 after purchasing an additional 219,154 shares during the period. Franklin Resources Inc. increased its holdings in Fastenal by 1.2% in the third quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company's stock valued at $362,282,000 after purchasing an additional 90,095 shares during the last quarter. Finally, BlueStem Wealth Partners LLC bought a new stake in Fastenal in the third quarter valued at about $634,000. Hedge funds and other institutional investors own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Barclays raised their target price on Fastenal from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Morgan Stanley reaffirmed a "positive" rating and issued a $45.00 price target on shares of Fastenal in a research note on Thursday, March 5th. UBS Group reissued a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, January 21st. Raymond James Financial set a $48.00 price objective on shares of Fastenal in a report on Thursday, March 5th. Finally, Benchmark reissued a "buy" rating on shares of Fastenal in a report on Thursday, March 5th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $49.77.

Insider Transactions at Fastenal

In other Fastenal news, Director Reyne K. Wisecup sold 36,920 shares of Fastenal stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the sale, the director directly owned 40,000 shares in the company, valued at approximately $1,893,600. The trade was a 48.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.28% of the company's stock.

Fastenal Stock Down 1.7%

FAST stock opened at $44.69 on Friday. The stock has a market capitalization of $51.31 billion, a P/E ratio of 39.20, a P/E/G ratio of 2.90 and a beta of 0.84. The business has a 50-day moving average of $45.81 and a 200-day moving average of $43.59. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, April 13th. The company reported $0.30 earnings per share for the quarter, hitting analysts' consensus estimates of $0.30. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The business's revenue was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS. On average, sell-side analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 26th. Investors of record on Tuesday, April 28th will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. Fastenal's dividend payout ratio (DPR) is 84.21%.

About Fastenal

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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