15,399 Shares in Fastenal Company $FAST Purchased by Summit Asset Management LLC

Summit Asset Management LLC acquired a new stake in Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,399 shares of the company’s stock, valued at approximately $740,000.

A number of other large investors also recently bought and sold shares of FAST. Wiregrass Investment Management LLC purchased a new position in Fastenal during the 4th quarter valued at about $1,020,000. Swiss Life Asset Management Ltd lifted its holdings in Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company’s stock worth $59,874,000 after buying an additional 39,406 shares in the last quarter. Fideuram Asset Management Ireland dac purchased a new position in Fastenal in the 4th quarter valued at approximately $4,041,000. National Pension Service grew its stake in shares of Fastenal by 2.9% in the fourth quarter. National Pension Service now owns 1,603,839 shares of the company’s stock worth $64,362,000 after acquiring an additional 45,260 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in shares of Fastenal by 16.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,820,172 shares of the company’s stock worth $273,699,000 after acquiring an additional 959,731 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was 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 in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company’s stock.

Fastenal Stock Performance

Shares of FAST stock opened at $51.02 on Friday. The stock’s 50-day moving average is $47.47 and its two-hundred day moving average is $46.10. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The firm has a market cap of $58.55 billion, a price-to-earnings ratio of 43.24, a PEG ratio of 3.18 and a beta of 0.72.

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

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.0%. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal’s dividend payout ratio is presently 88.14%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FAST. Morgan Stanley upped their price target on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Weiss Ratings downgraded Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. DA Davidson restated a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a “buy” rating in a report on Monday, July 13th. Finally, Barclays decreased their price target on shares of Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $49.17.

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.