Blue Trust Inc. acquires 1,432 shares of Fastenal (NASDAQ:FAST)

Blue Trust Inc. increased its stake in Fastenal (NASDAQ:FAST – Free Report) by 63.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,699 shares of the company’s stock after purchasing an additional 1,432 shares during the quarter. Blue Trust Inc.’s stake in Fastenal was worth $232,000 at the end of the last reporting period.

Several other hedge funds have also recently made changes to their positions in FAST. Baird Financial Group Inc. increased its position in Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after acquiring an additional 1,043,529 shares during the same period. Norges Bank acquired a new position in Fastenal in the fourth quarter worth $405,513,000. Envestnet Asset Management Inc. increased its holdings in shares of Fastenal by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock worth $310,931,000 after acquiring an additional 109,028 shares during the last quarter. TD Asset Management Inc. increased its holdings in Fastenal by 21.2% in the 1st quarter. TD Asset Management Inc. now owns 3,248,853 shares of the company’s stock valued at $250,617,000 after purchasing an additional 569,118 shares during the same period. Finally, Los Angeles Capital Management LLC increased its stake in Fastenal by 46.2% in the 1st quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock valued at $245,757,000 after purchasing an additional 1,006,402 shares during the last quarter. 81.38% of the shares are currently owned by hedge funds and other institutional investors.

Fastenal price history

NASDAQ:FAST shares opened at $67.45 on Monday. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. Fastenal has a twelve-month low of $53.83 and a twelve-month high of $79.04. The company’s 50-day moving average is $65.80 and its 200-day moving average is $68.93. The company has a market cap of $38.62 billion, a P/E ratio of 33.56, a price-to-earnings-growth ratio of 3.65 and a beta of 1.01.

Fastenal (NASDAQ:FAST – Free Report) last released its earnings results on Friday, July 12. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s quarterly revenue grew 1.8% year-over-year. During the same period last year, the company posted earnings per share of $0.52. On average, sell-side analysts forecast that Fastenal will post earnings per share of $2.05 for the current year.

Fastenal announces dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Friday, July 26th will receive a dividend of $0.39 per share. This represents an annualized dividend of $1.56 and a yield of 2.31%. The ex-dividend date of this dividend is Friday, July 26th. Fastenal’s dividend payout ratio is currently 77.61%.

Insider buying and selling at Fastenal

In other news, EVP James C. Jansen sold 11,428 shares of the company’s stock in a transaction that occurred on Wednesday, May 29. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the completion of the sale, the executive vice president now owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC’s website. In other news, EVP James C. Jansen sold 11,428 shares of Fastenal stock in a transaction that occurred on Wednesday, May 29. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the sale, the executive vice president now directly owns 26,176 shares of the company’s stock, valued at $1,677,096.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hsenghung Sam Hsu bought 500 shares of the company’s stock in a transaction dated Monday, June 10. The shares were acquired at an average price of $63.28 per share, for a total value of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The disclosure for this purchase can be found here. Insiders own 0.41% of the company’s stock.

Analysts set new price targets

Several brokerage firms have recently commented on FAST. Stifel Nicolaus reiterated a buy rating and issued a $80.00 price target (up from $85.00) on shares of Fastenal in a report on Monday, July 15. Stephens reiterated an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research note on Monday, July 15. Jefferies Financial Group lowered their price target on Fastenal from $74.00 to $65.00 and gave the stock a “hold” rating in a research note on Thursday, July 11. Finally, Robert W. Baird lowered their price target on shares of Fastenal from $71.00 to $69.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7. Six analysts have rated the stock with a hold rating and one has given the company’s stock a buy rating. According to MarketBeat, Fastenal currently has an average rating of “Hold” and an average price target of $66.67.

Check out our latest research report on Fastenal

About Fastenal

(Free report)

The Fastenal Company, together with its subsidiaries, is engaged 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 fastening products include threaded fasteners, bolts, nuts, screws, studs and related washers used in finished products and construction projects, as well as in the maintenance and repair of machinery.

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