Peterson Wealth Services Raises Holdings in Fastenal Company $FAST

Peterson Wealth Services lifted its holdings in Fastenal Company (NASDAQ:FAST) by 709.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,408 shares of the company’s stock after buying an additional 20,515 shares during the quarter. Peterson Wealth Services’ holdings in Fastenal were worth $1,148,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in FAST. Hilltop National Bank purchased a new position in Fastenal in the 2nd quarter valued at approximately $27,000. Private Wealth Management Group LLC increased its position in Fastenal by 111.9% during the second quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock worth $27,000 after buying an additional 339 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Fastenal in the second quarter worth $27,000. NewSquare Capital LLC raised its position in shares of Fastenal by 197.5% in the second quarter. NewSquare Capital LLC now owns 714 shares of the company’s stock valued at $30,000 after buying an additional 474 shares during the last quarter. Finally, MV Capital Management Inc. increased its stake in Fastenal by 96.1% in the second quarter. MV Capital Management Inc. now owns 712 shares of the company’s stock valued at $30,000 after purchasing an additional 349 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Insider Activity

In related news, Director Scott Satterlee sold 15,964 shares of the business’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at approximately $2,209,500. The trade was a 24.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sarah N. Nielsen bought 1,000 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were purchased at an average cost of $39.60 per share, with a total value of $39,600.00. Following the transaction, the director owned 5,000 shares in the company, valued at approximately $198,000. The trade was a 25.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.37% of the stock is owned by corporate insiders.

Fastenal Stock Up 3.3%

NASDAQ:FAST opened at $44.80 on Tuesday. The business’s fifty day moving average price is $41.97 and its 200 day moving average price is $44.42. Fastenal Company has a 1-year low of $35.31 and a 1-year high of $50.63. The firm has a market capitalization of $51.43 billion, a price-to-earnings ratio of 40.73, a PEG ratio of 2.76 and a beta of 0.89. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, January 20th. The company reported $0.26 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.26. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, sell-side analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, January 29th will be paid a dividend of $0.24 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Thursday, January 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is 87.27%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. UBS Group restated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, January 21st. Robert W. Baird reduced their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a report on Monday, December 29th. Wolfe Research decreased their target price on Fastenal from $43.00 to $42.00 and set an “underperform” rating for the company in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group set a $52.00 price target on Fastenal and gave the company a “buy” rating in a report on Monday, December 15th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $48.00.

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.