Modern Wealth Management LLC Takes Position in Fastenal (NASDAQ:FAST)

Modern Wealth Management LLC acquired a new position in Fastenal (NASDAQ:FAST) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,713 shares of the company’s stock, valued at approximately $200,000.

Other large investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new stake in shares of Fastenal in the 4th quarter valued at about $46,000. Whipplewood Advisors LLC bought a new position in shares of Fastenal in the fourth quarter worth approximately $49,000. SBI Securities Co. Ltd. purchased a new stake in Fastenal in the fourth quarter valued at approximately $49,000. R Squared Ltd bought a new stake in Fastenal during the fourth quarter valued at approximately $68,000. Finally, Eastern Bank grew its stake in Fastenal by 440.7% in the 4th quarter. Eastern Bank now owns 984 shares of the company’s stock worth $71,000 after buying an additional 802 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 2.0 %

Shares of NASDAQ FAST opened at $76.17 on Friday. The company has a market cap of $43.68 billion, a price-to-earnings ratio of 37.90, a PEG ratio of 3.58 and a beta of 1.05. The company has a quick ratio of 2.28, a current ratio of 4.67 and a debt-to-equity ratio of 0.03. The firm’s fifty day moving average is $75.35 and its 200 day moving average is $75.89. Fastenal has a 52 week low of $61.36 and a 52 week high of $84.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, January 17th. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.02). The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.84 billion. Fastenal had a net margin of 15.25% and a return on equity of 32.55%. The business’s revenue was up 3.7% on a year-over-year basis. During the same period last year, the company posted $0.46 earnings per share. On average, equities research analysts expect that Fastenal will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, January 31st were issued a $0.43 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.72 annualized dividend and a yield of 2.26%. This is a boost from Fastenal’s previous quarterly dividend of $0.39. Fastenal’s dividend payout ratio (DPR) is 85.57%.

Analyst Upgrades and Downgrades

FAST has been the topic of several research reports. William Blair upgraded shares of Fastenal from a “market perform” rating to an “outperform” rating in a research report on Monday, March 10th. Jefferies Financial Group lifted their price target on Fastenal from $74.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. HSBC lowered Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price objective on the stock. in a research report on Wednesday, December 11th. Hsbc Global Res downgraded Fastenal from a “hold” rating to a “moderate sell” rating in a research report on Wednesday, December 11th. Finally, Wolfe Research increased their price target on shares of Fastenal from $74.00 to $76.00 and gave the company an “underweight” rating in a research report on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $76.91.

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.