Longfellow Investment Management Co. LLC Takes Position in Fastenal Company $FAST

Longfellow Investment Management Co. LLC purchased a new stake in Fastenal Company (NASDAQ:FAST) in the second quarter, Holdings Channel.com reports. The firm purchased 11,348 shares of the company’s stock, valued at approximately $545,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. HBK Sorce Advisory LLC acquired a new stake in Fastenal in the 2nd quarter valued at about $439,000. Flputnam Investment Management Co. acquired a new position in shares of Fastenal during the second quarter worth approximately $3,649,000. Global Retirement Partners LLC bought a new stake in shares of Fastenal during the second quarter valued at approximately $632,000. Fielder Capital Group LLC acquired a new stake in shares of Fastenal in the second quarter valued at approximately $484,000. Finally, Silverlake Wealth Management LLC acquired a new stake in shares of Fastenal in the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $51.02 on Monday. The company’s 50 day simple moving average is $47.47 and its 200 day simple moving average is $46.12. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The firm has a market capitalization of $58.55 billion, a P/E ratio of 43.24, a P/E/G ratio of 3.18 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. On average, analysts predict that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be given a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. This is an increase from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio is 88.14%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Barclays lowered their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Morgan Stanley boosted their target price on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a report on Wednesday, July 15th. Finally, Sanford C. Bernstein reiterated an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $49.17.

Insiders Place Their Bets

In related news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company’s stock, valued at $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. This represents a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by insiders.

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.