Vest Financial LLC Has $40.93 Million Stock Position in Fastenal (NASDAQ:FAST)

Vest Financial LLC grew its holdings in Fastenal (NASDAQ:FAST) by 21.4% in the 2nd quarter, Holdings Channel reports. The fund owned 651,282 shares of the company’s stock after purchasing an additional 114,970 shares during the quarter. Vest Financial LLC’s holdings in Fastenal were worth $40,927,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Gilbert & Cook Inc. boosted its stake in Fastenal by 4.9% in the 4th quarter. Gilbert & Cook Inc. now owns 6,684 shares of the company’s stock worth $433,000 after purchasing an additional 312 shares during the period. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Fastenal by 220.7% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 4,265 shares of the company’s stock valued at $276,000 after purchasing an additional 2,935 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Fastenal by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,097,256 shares of the company’s stock worth $200,611,000 after buying an additional 60,490 shares during the period. Forum Financial Management LP bought a new position in shares of Fastenal during the fourth quarter worth about $203,000. Finally, Avantax Advisory Services Inc. raised its position in Fastenal by 7.7% in the 4th quarter. Avantax Advisory Services Inc. now owns 12,978 shares of the company’s stock valued at $841,000 after buying an additional 924 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Performance

NASDAQ FAST opened at $69.21 on Thursday. The firm has a market capitalization of $39.63 billion, a P/E ratio of 34.43, a price-to-earnings-growth ratio of 3.59 and a beta of 1.01. The company has a current ratio of 4.39, a quick ratio of 2.29 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average price is $67.08 and its two-hundred day moving average price is $68.60. Fastenal has a 1 year low of $53.83 and a 1 year high of $79.04.

Fastenal (NASDAQ:FAST) last issued its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the prior year, the firm earned $0.52 EPS. Fastenal’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Fastenal will post 2.04 EPS for the current year.

Fastenal Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were given a $0.39 dividend. The ex-dividend date was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.25%. Fastenal’s payout ratio is 77.61%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 price objective (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. 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 note on Thursday, July 11th. Stephens reissued an “equal weight” rating and set a $56.00 price target on shares of Fastenal in a research report on Monday, July 15th. Finally, Morgan Stanley began coverage on Fastenal in a report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price objective for the company. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $67.43.

Insider Transactions at Fastenal

In related news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is currently owned by corporate insiders.

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.