Symphony Financial Ltd. Co. Grows Position in Fastenal (NASDAQ:FAST)

Symphony Financial Ltd. Co. boosted its stake in Fastenal (NASDAQ:FAST) by 12.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,470 shares of the company’s stock after buying an additional 1,529 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Fastenal were worth $963,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FAST. Central Valley Advisors LLC bought a new position in Fastenal in the 2nd quarter valued at $28,000. MCF Advisors LLC grew its stake in shares of Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after acquiring an additional 391 shares during the period. Triad Wealth Partners LLC bought a new position in shares of Fastenal during the 2nd quarter worth $32,000. Crewe Advisors LLC grew its stake in shares of Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after acquiring an additional 428 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC grew its stake in shares of Fastenal by 1,019.0% during the 3rd quarter. Moisand Fitzgerald Tamayo LLC now owns 470 shares of the company’s stock worth $34,000 after acquiring an additional 428 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In related news, CAO Sheryl Ann Lisowski sold 13,567 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $76.19, for a total transaction of $1,033,669.73. Following the transaction, the chief accounting officer now directly owns 5,096 shares in the company, valued at $388,264.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sheryl Ann Lisowski sold 13,567 shares of Fastenal stock in a transaction on Monday, October 14th. The shares were sold at an average price of $76.19, for a total value of $1,033,669.73. Following the transaction, the chief accounting officer now owns 5,096 shares of the company’s stock, valued at $388,264.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 179,373 shares of company stock valued at $13,029,308. Corporate insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ FAST opened at $76.54 on Wednesday. The stock has a market cap of $43.82 billion, a price-to-earnings ratio of 38.08, a P/E/G ratio of 4.13 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. Fastenal has a 1-year low of $56.41 and a 1-year high of $79.04. The stock’s 50-day moving average is $70.37 and its 200 day moving average is $67.93.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $1.91 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Fastenal had a return on equity of 33.54% and a net margin of 15.54%. Fastenal’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $0.52 EPS. On average, sell-side analysts anticipate that Fastenal will post 2.04 EPS for the current fiscal year.

Fastenal Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, October 25th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.04%. Fastenal’s dividend payout ratio is 77.61%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FAST shares. Stephens increased their price target on Fastenal from $56.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Morgan Stanley raised their target price on Fastenal from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Monday, October 14th. Bank of America initiated coverage on Fastenal in a research note on Monday, October 7th. They issued a “buy” rating and a $85.00 target price for the company. JPMorgan Chase & Co. raised their target price on Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Finally, Robert W. Baird raised their target price on Fastenal from $67.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $73.33.

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.