1832 Asset Management L.P. Purchases 15,536 Shares of Fastenal Company $FAST

1832 Asset Management L.P. boosted its position in shares of Fastenal Company (NASDAQ:FAST) by 36.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 58,322 shares of the company’s stock after purchasing an additional 15,536 shares during the quarter. 1832 Asset Management L.P.’s holdings in Fastenal were worth $2,450,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FAST. 1248 Management LLC bought a new stake in shares of Fastenal during the first quarter valued at approximately $36,000. Riverview Trust Co lifted its position in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after acquiring an additional 292 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in Fastenal during the 1st quarter valued at $49,000. Private Wealth Management Group LLC increased its holdings in shares of Fastenal by 111.9% in 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. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of Fastenal in the second quarter worth $27,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Down 0.6%

Shares of FAST stock opened at $41.50 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19. The company has a market cap of $47.64 billion, a price-to-earnings ratio of 38.79, a PEG ratio of 3.50 and a beta of 0.89. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The firm has a fifty day moving average price of $42.52 and a 200-day moving average price of $44.37.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, October 14th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.13 billion. During the same quarter last year, the firm posted $0.26 earnings per share. Fastenal’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, equities analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, October 28th. Fastenal’s payout ratio is presently 82.24%.

Insider Buying and Selling

In other news, Director Sarah N. Nielsen purchased 1,000 shares of the stock in a transaction on Wednesday, November 19th. The shares were acquired at an average price of $39.60 per share, with a total value of $39,600.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $198,000. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $49.58 per share, with a total value of $49,580.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at approximately $495,800. This trade represents a 11.11% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 3,000 shares of company stock valued at $131,630. 0.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FAST has been the topic of a number of research analyst reports. Wolfe Research raised Fastenal from an “underperform” rating to a “peer perform” rating and set a $43.00 price target on the stock in a report on Thursday, November 13th. Weiss Ratings restated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Barclays reduced their price target on shares of Fastenal from $45.00 to $44.00 and set an “equal weight” rating for the company in a research note on Thursday, November 13th. JPMorgan Chase & Co. increased their price objective on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 4th. Finally, Sanford C. Bernstein began coverage on shares of Fastenal in a report on Tuesday, November 11th. They issued an “underperform” rating and a $38.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $46.70.

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.