Beacon Financial Advisory LLC Makes New Investment in Fastenal Company $FAST

Beacon Financial Advisory LLC purchased a new stake in shares of Fastenal Company (NASDAQ:FAST) in the first quarter, Holdings Channel.com reports. The firm purchased 20,394 shares of the company’s stock, valued at approximately $946,000.

Several other institutional investors have also recently made changes to their positions in FAST. QRG Capital Management Inc. increased its holdings in shares of Fastenal by 6.5% in the first quarter. QRG Capital Management Inc. now owns 154,051 shares of the company’s stock worth $7,148,000 after purchasing an additional 9,348 shares during the period. Argos Wealth Advisors LLC bought a new stake in Fastenal during the first quarter valued at $220,000. Turtle Creek Wealth Advisors LLC grew its position in Fastenal by 16.4% during the first quarter. Turtle Creek Wealth Advisors LLC now owns 7,197 shares of the company’s stock worth $334,000 after buying an additional 1,015 shares in the last quarter. Private Advisor Group LLC grew its position in Fastenal by 1.5% during the first quarter. Private Advisor Group LLC now owns 174,318 shares of the company’s stock worth $8,088,000 after buying an additional 2,642 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in Fastenal by 249.8% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 100,194 shares of the company’s stock worth $4,649,000 after acquiring an additional 71,551 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

Shares of FAST opened at $48.60 on Friday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $50.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.39 and a quick ratio of 2.34. The stock has a 50 day simple moving average of $45.34 and a two-hundred day simple moving average of $44.86. The firm has a market cap of $55.79 billion, a P/E ratio of 42.63, a P/E/G ratio of 3.10 and a beta of 0.72.

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

Fastenal Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on FAST. DA Davidson began coverage on Fastenal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $46.00 price target on the stock. Bank of America boosted their price objective on Fastenal from $48.00 to $55.00 in a report on Monday, April 13th. Barclays set a $46.00 target price on shares of Fastenal and gave the company an “equal weight” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Fastenal in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Fastenal currently has a consensus rating of “Hold” and an average target price of $47.08.

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.