959,651 Shares in Fastenal Company $FAST Purchased by Corient Private Wealth LP

Corient Private Wealth LP bought a new stake in Fastenal Company (NASDAQ:FAST) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 959,651 shares of the company’s stock, valued at approximately $46,092,000. Corient Private Wealth LP owned approximately 0.08% of Fastenal at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FAST. Ausdal Financial Partners Inc. grew its holdings in shares of Fastenal by 2.9% in the second quarter. Ausdal Financial Partners Inc. now owns 8,406 shares of the company’s stock valued at $404,000 after purchasing an additional 239 shares in the last quarter. Windsor Advisory Group LLC purchased a new stake in shares of Fastenal during the second quarter worth $224,000. Caisse de depot et placement du Quebec purchased a new position in Fastenal in the second quarter valued at $39,417,000. Gallagher Fiduciary Advisors LLC acquired a new position in Fastenal during the 2nd quarter worth $362,000. Finally, Man Group plc acquired a new stake in Fastenal in the 2nd quarter valued at about $20,944,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FAST. DA Davidson reiterated a “neutral” rating and issued a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Wolfe Research reaffirmed an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Robert W. Baird set a $54.00 price objective on Fastenal in a report on Friday, August 7th. Weiss Ratings raised Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday. Finally, Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a “buy” rating in a report on Monday, July 13th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal Stock Performance

Shares of Fastenal stock opened at $51.13 on Friday. The stock has a market capitalization of $58.67 billion, a price-to-earnings ratio of 43.33, a PEG ratio of 3.19 and a beta of 0.72. The firm’s fifty day simple moving average is $48.38 and its 200-day simple moving average is $46.48. 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 Company has a 12 month low of $38.97 and a 12 month high of $52.92.

Fastenal (NASDAQ:FAST) last announced its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. The business had revenue of $2.39 billion during 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 was up 14.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 earnings per share. As a group, equities analysts forecast that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were paid a $0.26 dividend. This is a boost from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Insider Transactions at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the company’s 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 transaction, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Rita J. Heise sold 34,964 shares of the firm’s stock in a transaction on 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 directly owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company’s stock.

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.