Ellenbecker Investment Group Buys 76,401 Shares of Fastenal Company $FAST

Ellenbecker Investment Group boosted its position in Fastenal Company (NASDAQ:FAST) by 574.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,698 shares of the company’s stock after acquiring an additional 76,401 shares during the quarter. Fastenal accounts for approximately 0.6% of Ellenbecker Investment Group’s portfolio, making the stock its 16th largest holding. Ellenbecker Investment Group’s holdings in Fastenal were worth $4,162,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in Fastenal by 1.2% in the 3rd quarter. Franklin Resources Inc. now owns 7,387,472 shares of the company’s stock worth $362,282,000 after purchasing an additional 90,095 shares during the period. BlueStem Wealth Partners LLC purchased a new stake in Fastenal during the third quarter valued at about $634,000. Wiregrass Investment Management LLC purchased a new stake in Fastenal during the fourth quarter valued at about $1,020,000. Stance Capital LLC grew its stake in shares of Fastenal by 653.1% during the third quarter. Stance Capital LLC now owns 54,976 shares of the company’s stock valued at $2,696,000 after buying an additional 47,676 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Fastenal by 20.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 328,263 shares of the company’s stock valued at $13,173,000 after buying an additional 55,191 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Performance

Fastenal stock opened at $48.03 on Wednesday. The company has a current ratio of 4.39, a quick ratio of 2.34 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average of $45.16 and a 200-day moving average of $44.75. The firm has a market cap of $55.14 billion, a P/E ratio of 42.13, a P/E/G ratio of 3.02 and a beta of 0.73. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST) last posted its earnings results on Monday, April 13th. The company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Fastenal had a return on equity of 33.25% and a net margin of 15.39%.The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period last year, the firm earned $0.52 earnings per share. Fastenal’s quarterly revenue was up 12.4% on a year-over-year basis. Sell-side analysts expect that Fastenal Company will post 1.23 EPS for the current year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, April 28th. Fastenal’s dividend payout ratio (DPR) is currently 84.21%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. DA Davidson began coverage on Fastenal in a research note on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 target price for the company. Benchmark restated a “buy” rating on shares of Fastenal in a research report on Thursday, March 5th. 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. Wolfe Research lowered their price objective on Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $49.57.

Fastenal 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.