Legacy Trust Has $366,000 Stake in Fastenal Company $FAST

Legacy Trust boosted its stake in Fastenal Company (NASDAQ:FAST) by 98.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 8,717 shares of the company’s stock after buying an additional 4,321 shares during the period. Legacy Trust’s holdings in Fastenal were worth $366,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Patton Fund Management Inc. acquired a new stake in Fastenal in the 2nd quarter valued at $229,000. Charles Schwab Investment Management Inc. boosted its stake in Fastenal by 8.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company’s stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in Fastenal by 7.5% in the first quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company’s stock worth $14,074,000 after purchasing an additional 12,721 shares in the last quarter. KLP Kapitalforvaltning AS boosted its stake in Fastenal by 3.9% in the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company’s stock worth $15,180,000 after purchasing an additional 7,400 shares in the last quarter. Finally, Raiffeisen Bank International AG boosted its stake in Fastenal by 21.5% in the first quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company’s stock worth $2,712,000 after purchasing an additional 6,303 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Fastenal Stock Down 0.6%

Shares of Fastenal stock opened at $47.88 on Friday. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63. The business has a 50-day moving average of $48.18 and a two-hundred day moving average of $43.60. The company has a market capitalization of $54.95 billion, a P/E ratio of 46.04, a price-to-earnings-growth ratio of 4.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, July 29th. Fastenal’s dividend payout ratio is 84.62%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on FAST shares. Stephens boosted their price objective on Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 15th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a research note on Thursday, July 3rd. Loop Capital reissued a “hold” rating on shares of Fastenal in a research note on Tuesday, July 15th. JPMorgan Chase & Co. boosted their price objective on Fastenal from $41.00 to $46.00 and gave the stock a “neutral” rating in a research note on Thursday, September 4th. Finally, Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an “equal weight” rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Fastenal has a consensus rating of “Hold” and a consensus target price of $46.82.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 over the last ninety days. 0.37% of the stock is owned by insiders.

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.