SkyView Investment Advisors LLC Boosts Stock Position in Fastenal (NASDAQ:FAST)

SkyView Investment Advisors LLC lifted its position in Fastenal (NASDAQ:FAST) by 19.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,900 shares of the company’s stock after purchasing an additional 638 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Fastenal were worth $245,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FAST. Nomura Holdings Inc. purchased a new position in Fastenal during the 4th quarter worth approximately $747,000. BI Asset Management Fondsmaeglerselskab A S lifted its position in Fastenal by 98.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 118,301 shares of the company’s stock valued at $9,126,000 after purchasing an additional 58,726 shares during the period. Virtu Financial LLC purchased a new stake in Fastenal in the fourth quarter valued at $1,078,000. Empowered Funds LLC grew its position in Fastenal by 205.4% during the 1st quarter. Empowered Funds LLC now owns 27,181 shares of the company’s stock worth $2,097,000 after purchasing an additional 18,281 shares during the period. Finally, Cetera Investment Advisers grew its position in Fastenal by 499.7% during the 1st quarter. Cetera Investment Advisers now owns 132,046 shares of the company’s stock worth $10,186,000 after purchasing an additional 110,027 shares during the period. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Trading Down 0.2 %

Shares of FAST opened at $71.52 on Monday. Fastenal has a 52-week low of $53.94 and a 52-week high of $79.04. The stock has a market cap of $40.95 billion, a PE ratio of 35.58, a price-to-earnings-growth ratio of 3.92 and a beta of 1.01. The firm’s fifty day moving average is $68.33 and its two-hundred day moving average is $68.28. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Friday, July 12th. The company reported $0.51 earnings per share (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 company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.91 billion. During the same quarter in the prior year, the company earned $0.52 EPS. Fastenal’s revenue was up 1.8% compared to the same quarter last year. Research analysts forecast that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, July 26th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a yield of 2.18%. Fastenal’s payout ratio is 77.61%.

Wall Street Analyst Weigh In

FAST has been the topic of a number of recent research reports. Jefferies Financial Group lowered their target price on Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Stephens reaffirmed an “equal weight” rating and set a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. Stifel Nicolaus reaffirmed a “buy” rating and set a $80.00 target price (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Finally, Morgan Stanley started coverage on shares of Fastenal in a report on Friday, September 6th. They set an “equal weight” rating and a $72.00 price target on the stock. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus price target of $67.43.

Insiders Place Their Bets

In other 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 transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,929,734.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $68.14, for a total value of $3,116,996.16. Following the sale, the chief executive officer now owns 286,018 shares in the company, valued at $19,489,266.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

Fastenal 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.