Mission Wealth Management LP Increases Position in Fastenal Company $FAST

Mission Wealth Management LP grew its stake in Fastenal Company (NASDAQ:FAST) by 102.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,114 shares of the company’s stock after acquiring an additional 6,143 shares during the quarter. Mission Wealth Management LP’s holdings in Fastenal were worth $509,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Welch & Forbes LLC grew its stake in Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company’s stock worth $2,559,000 after buying an additional 135 shares during the last quarter. Principal Securities Inc. grew its stake in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company’s stock worth $1,142,000 after buying an additional 140 shares during the last quarter. Integrated Wealth Concepts LLC grew its stake in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in Fastenal by 1.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 10,495 shares of the company’s stock worth $814,000 after buying an additional 153 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its stake in Fastenal by 3.1% during the 1st quarter. Pinnacle Associates Ltd. now owns 5,057 shares of the company’s stock worth $392,000 after buying an additional 154 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FAST has been the topic of several research analyst reports. Barclays set a $45.00 target price on Fastenal and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a research note on Monday, July 14th. Robert W. Baird dropped their price target on Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Stephens boosted their price target on Fastenal from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 15th. Finally, Baird R W upgraded Fastenal from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.50.

Insiders Place Their Bets

In related news, insider Jeffery Michael Watts sold 48,724 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the transaction, the insider owned 11,880 shares of the company’s stock, valued at approximately $570,834. This represents a 80.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Hsenghung Sam Hsu purchased 1,000 shares of Fastenal stock in a transaction that occurred on Thursday, October 16th. The stock was acquired at an average cost of $42.45 per share, with a total value of $42,450.00. Following the acquisition, the director directly owned 9,000 shares in the company, valued at $382,050. This trade represents a 12.50% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 90,178 shares of company stock worth $4,336,603. 0.37% of the stock is owned by company insiders.

Fastenal Stock Performance

Shares of FAST stock opened at $41.30 on Wednesday. The stock has a market cap of $47.41 billion, a PE ratio of 38.60, a price-to-earnings-growth ratio of 3.75 and a beta of 0.94. The business has a 50-day simple moving average of $46.11 and a 200-day simple moving average of $44.40. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. Fastenal Company has a 52-week low of $35.31 and a 52-week high of $50.63.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $0.26 EPS. On average, equities analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal’s dividend payout ratio is presently 82.24%.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company’s fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.