Saudi Central Bank Has $3.86 Million Stake in Fastenal Company $FAST

Saudi Central Bank raised its holdings in shares of Fastenal Company (NASDAQ:FAST) by 89.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,382 shares of the company’s stock after purchasing an additional 38,007 shares during the quarter. Saudi Central Bank’s holdings in Fastenal were worth $3,861,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FAST. Integrated Wealth Concepts LLC lifted its stake in shares of 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. High Net Worth Advisory Group LLC grew its stake in Fastenal by 2.4% in the 2nd quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company’s stock valued at $433,000 after buying an additional 214 shares during the last quarter. Tandem Investment Advisors Inc. grew its stake in Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after buying an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its holdings in Fastenal by 0.3% in the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock valued at $2,749,000 after acquiring an additional 226 shares during the period. Finally, Sound Income Strategies LLC raised its holdings in Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock valued at $94,000 after acquiring an additional 232 shares during the period. 81.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of research analyst reports. Robert W. Baird set a $54.00 price objective on Fastenal in a report on Friday, August 7th. Wolfe Research reiterated an “underperform” rating and set a $47.00 price objective on shares of Fastenal in a research report on Thursday, July 9th. DA Davidson reissued a “neutral” rating and issued a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Sanford C. Bernstein reaffirmed an “underperform” rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Morgan Stanley boosted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $49.17.

Fastenal Price Performance

FAST stock opened at $49.60 on Monday. The company has a market cap of $56.92 billion, a PE ratio of 42.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.72. The business has a 50-day simple moving average of $48.71 and a 200 day simple moving average of $46.59. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

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, hitting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the company posted $0.29 earnings per share. The business’s revenue for the quarter was up 14.7% on a year-over-year basis. Sell-side analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were issued a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is 88.14%.

Insider Buying and Selling at Fastenal

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

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.