Lake Street Advisors Group LLC Grows Stock Holdings in Fastenal (NASDAQ:FAST)

Lake Street Advisors Group LLC increased its position in Fastenal (NASDAQ:FAST) by 20.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,849 shares of the company’s stock after purchasing an additional 1,149 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Fastenal were worth $528,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Essex Financial Services Inc. increased its position in shares of Fastenal by 1.8% during the fourth quarter. Essex Financial Services Inc. now owns 8,539 shares of the company’s stock worth $553,000 after acquiring an additional 148 shares during the last quarter. Penobscot Investment Management Company Inc. increased its position in shares of Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after acquiring an additional 150 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Fastenal by 0.8% during the fourth quarter. Panagora Asset Management Inc. now owns 19,095 shares of the company’s stock worth $1,237,000 after acquiring an additional 152 shares during the last quarter. Hartford Financial Management Inc. increased its position in shares of Fastenal by 46.9% during the fourth quarter. Hartford Financial Management Inc. now owns 479 shares of the company’s stock worth $31,000 after acquiring an additional 153 shares during the last quarter. Finally, Team Hewins LLC increased its position in shares of Fastenal by 4.8% during the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after acquiring an additional 157 shares during the last quarter. 81.38% of the stock is owned by institutional investors and hedge funds.

Fastenal Stock Up 2.6 %

NASDAQ:FAST traded up $1.71 during trading hours on Thursday, hitting $68.63. 1,073,826 shares of the stock traded hands, compared to its average volume of 3,701,135. The firm has a 50 day moving average price of $65.08 and a 200 day moving average price of $68.77. 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 fifty-two week low of $53.83 and a fifty-two week high of $79.04. The firm has a market cap of $39.30 billion, a price-to-earnings ratio of 34.34, a PEG ratio of 3.66 and a beta of 1.01.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.91 billion. During the same period in the previous year, the company posted $0.52 EPS. Fastenal’s revenue was up 1.8% on a year-over-year basis. Equities research analysts anticipate that Fastenal will post 2.06 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Friday, July 26th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend is Thursday, July 25th. Fastenal’s dividend payout ratio is currently 77.61%.

Insider Activity

In related news, Director Hsenghung Sam Hsu purchased 500 shares of the stock in a transaction dated Monday, June 10th. The shares were acquired at an average cost of $63.28 per share, for a total transaction of $31,640.00. Following the acquisition, the director now directly owns 3,500 shares in the company, valued at approximately $221,480. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP James C. Jansen sold 11,428 shares of the company’s stock in a transaction 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 sale, the executive vice president now directly owns 26,176 shares in the company, valued at $1,677,096.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hsenghung Sam Hsu purchased 500 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were purchased at an average price of $63.28 per share, with a total value of $31,640.00. Following the completion of the acquisition, the director now directly owns 3,500 shares of the company’s stock, valued at $221,480. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FAST. Stifel Nicolaus reaffirmed a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a research report on Monday, July 15th. HSBC lifted their target price on Fastenal from $59.00 to $64.00 and gave the company a “hold” rating in a research note on Monday, April 15th. Jefferies Financial Group reduced their price objective on Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Robert W. Baird dropped their target price on Fastenal from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, May 7th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $56.00 price target on shares of Fastenal in a report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and a consensus target price 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.