Focus Financial Network Inc. Boosts Stock Holdings in Fastenal Company $FAST

Focus Financial Network Inc. raised its position in shares of Fastenal Company (NASDAQ:FAST) by 266.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 68,512 shares of the company’s stock after acquiring an additional 49,793 shares during the quarter. Focus Financial Network Inc.’s holdings in Fastenal were worth $2,749,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC purchased a new position in shares of Fastenal during the 4th quarter valued at $496,000. Integrated Wealth Concepts LLC increased its holdings in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after acquiring an additional 147 shares during the last quarter. Entropy Technologies LP bought a new stake in Fastenal in the 2nd quarter valued at about $314,000. AlphaCore Capital LLC raised its stake in Fastenal by 98.2% in the 2nd quarter. AlphaCore Capital LLC now owns 5,267 shares of the company’s stock valued at $221,000 after acquiring an additional 2,610 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Fastenal by 611.8% during the second quarter. American Century Companies Inc. now owns 1,882,896 shares of the company’s stock valued at $79,082,000 after purchasing an additional 1,618,355 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FAST shares. UBS Group reiterated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Jefferies Financial Group set a $52.00 price target on shares of Fastenal and gave the company a “buy” rating in a research note on Monday, December 15th. Robert W. Baird raised their price objective on shares of Fastenal from $51.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, March 6th. Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research note on Wednesday, January 21st. Finally, Barclays boosted their target price on shares of Fastenal from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, March 6th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average price target of $48.83.

Fastenal Stock Up 1.1%

FAST stock opened at $45.37 on Thursday. The stock has a 50-day simple moving average of $45.43 and a two-hundred day simple moving average of $43.88. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The firm has a market capitalization of $52.10 billion, a PE ratio of 41.25, a PEG ratio of 2.85 and a beta of 0.88. The company has a quick ratio of 2.41, a current ratio of 4.85 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST) last announced its quarterly 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. Fastenal had a net margin of 15.35% and a return on equity of 32.83%. The firm had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the prior year, the firm posted $0.46 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were paid a $0.24 dividend. The ex-dividend date was Thursday, January 29th. This represents a $0.96 annualized dividend and a yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.22. Fastenal’s dividend payout ratio is currently 87.27%.

Insider Buying and Selling at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the company’s 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 transaction, the director owned 40,000 shares of the company’s stock, valued at approximately $1,893,600. This represents a 48.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Scott Satterlee sold 15,964 shares of the stock in a transaction 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 owned 50,000 shares in the company, valued at $2,209,500. This trade represents a 24.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is owned by company insiders.

Fastenal Company Profile

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.