Rockland Trust Co. Grows Holdings in Fastenal (NASDAQ:FAST)

Rockland Trust Co. boosted its stake in Fastenal (NASDAQ:FAST) by 8.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,701 shares of the company’s stock after acquiring an additional 761 shares during the period. Rockland Trust Co.’s holdings in Fastenal were worth $610,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Baird Financial Group Inc. raised its position in Fastenal by 15.2% in the fourth quarter. Baird Financial Group Inc. now owns 7,928,209 shares of the company’s stock worth $513,510,000 after acquiring an additional 1,043,529 shares during the period. Norges Bank bought a new stake in Fastenal in the fourth quarter worth about $405,513,000. Envestnet Asset Management Inc. raised its position in Fastenal by 2.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 4,800,534 shares of the company’s stock worth $310,931,000 after acquiring an additional 109,028 shares during the period. TD Asset Management Inc raised its position in Fastenal by 21.2% in the first quarter. TD Asset Management Inc now owns 3,248,853 shares of the company’s stock worth $250,617,000 after acquiring an additional 569,118 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Fastenal by 46.2% in the first quarter. Los Angeles Capital Management LLC now owns 3,185,855 shares of the company’s stock worth $245,757,000 after acquiring an additional 1,006,402 shares during the period. Institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

NASDAQ:FAST traded down $0.78 during mid-day trading on Thursday, hitting $67.37. 495,008 shares of the stock traded hands, compared to its average volume of 3,561,979. The business’s 50-day moving average price is $66.00 and its 200 day moving average price is $68.88. The company has a market cap of $38.57 billion, a PE ratio of 33.64, a price-to-earnings-growth ratio of 3.65 and a beta of 1.01. Fastenal has a 12-month low of $53.83 and a 12-month high of $79.04. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. Fastenal’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.52 earnings per share. On average, analysts expect that Fastenal will post 2.05 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Friday, July 26th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.56 annualized dividend and a yield of 2.32%. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Activity at Fastenal

In related news, Director Hsenghung Sam Hsu purchased 500 shares of the business’s stock in a transaction on Monday, June 10th. The stock was acquired at an average price of $63.28 per share, with a total value of $31,640.00. Following the purchase, the director now directly owns 3,500 shares in the company, valued at $221,480. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fastenal news, EVP James C. Jansen sold 11,428 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $64.07, for a total value of $732,191.96. Following the completion of the transaction, the executive vice president now owns 26,176 shares of the company’s stock, valued at approximately $1,677,096.32. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Hsenghung Sam Hsu purchased 500 shares of the business’s stock in a transaction on Monday, June 10th. The stock was bought at an average cost of $63.28 per share, with a total value of $31,640.00. Following the purchase, the director now owns 3,500 shares in the company, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on FAST shares. Robert W. Baird lowered their price target on shares of Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Stephens reissued an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Stifel Nicolaus reissued a “buy” rating and issued a $80.00 price target (down previously from $85.00) on shares of Fastenal in a research report on Monday, July 15th. Finally, Jefferies Financial Group lowered their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $66.67.

Fastenal Company Profile

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.