Ethic Inc. boosted its stake in Fastenal (NASDAQ:FAST) by 45.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,077 shares of the company’s stock after buying an additional 6,300 shares during the period. Ethic Inc.’s holdings in Fastenal were worth $1,044,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Douglass Winthrop Advisors LLC increased its position in Fastenal by 8.9% in the first quarter. Douglass Winthrop Advisors LLC now owns 1,496,617 shares of the company’s stock worth $75,250,000 after buying an additional 122,675 shares during the period. NZS Capital LLC acquired a new position in shares of Fastenal during the second quarter valued at $5,440,000. SG Americas Securities LLC increased its holdings in shares of Fastenal by 143.5% during the first quarter. SG Americas Securities LLC now owns 88,371 shares of the company’s stock valued at $4,443,000 after purchasing an additional 52,075 shares during the period. Stratos Wealth Partners LTD. increased its holdings in shares of Fastenal by 9.4% during the second quarter. Stratos Wealth Partners LTD. now owns 42,214 shares of the company’s stock valued at $2,195,000 after purchasing an additional 3,628 shares during the period. Finally, Optimal Asset Management Inc. increased its holdings in shares of Fastenal by 23.9% during the first quarter. Optimal Asset Management Inc. now owns 31,139 shares of the company’s stock valued at $1,566,000 after purchasing an additional 6,000 shares during the period. 77.47% of the stock is currently owned by hedge funds and other institutional investors.
FAST opened at $53.04 on Wednesday. Fastenal has a fifty-two week low of $42.57 and a fifty-two week high of $56.39. The business has a 50-day moving average of $54.66 and a 200-day moving average of $52.26. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.16 and a quick ratio of 2.12. The company has a market capitalization of $30.48 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 3.83 and a beta of 1.28.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 24th. Investors of record on Tuesday, July 27th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date of this dividend was Monday, July 26th. Fastenal’s payout ratio is 75.17%.
FAST has been the subject of several research reports. Loop Capital initiated coverage on Fastenal in a research note on Tuesday, August 3rd. They set a “hold” rating and a $52.00 target price for the company. Stephens raised their target price on Fastenal from $60.00 to $65.00 and gave the company an “overweight” rating in a research note on Monday, August 23rd. Morgan Stanley cut Fastenal from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $53.00 to $48.00 in a research note on Tuesday, June 15th. They noted that the move was a valuation call. Finally, Robert W. Baird increased their price target on Fastenal from $54.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 14th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $53.00.
In other Fastenal news, CAO Sheryl Ann Lisowski sold 15,980 shares of Fastenal stock in a transaction that occurred on Friday, August 6th. The stock was sold at an average price of $55.17, for a total value of $881,616.60. Following the transaction, the chief accounting officer now directly owns 5,911 shares of the company’s stock, valued at approximately $326,109.87. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Charles S. Miller sold 35,141 shares of Fastenal stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $55.10, for a total value of $1,936,269.10. The disclosure for this sale can be found here. Over the last three months, insiders purchased 2,265 shares of company stock worth $123,014 and sold 142,089 shares worth $7,910,739. 0.56% of the stock is currently owned by company insiders.
Fastenal Co engages in the provision of fasteners, tools, and supplies which can help in the manufacture of products, build structures, protect personnel, and maintain facilities and equipment. It products include cutting tools & metalworking, fasteners, material handling, storage & packaging power, transmission & motors, tools & equipment, electricals, abrasives, hydraulics & pneumatics, plumbing, lifting & rigging, raw materials, fleet & automotive, welding, office products & furniture, janitorial and lighting.
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