Griffin Asset Management Inc. Has $2.17 Million Position in Fastenal Company $FAST

Griffin Asset Management Inc. boosted its holdings in Fastenal Company (NASDAQ:FAST) by 56.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 53,982 shares of the company’s stock after buying an additional 19,392 shares during the period. Griffin Asset Management Inc.’s holdings in Fastenal were worth $2,166,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Integrated Wealth Concepts LLC raised its holdings in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after buying an additional 147 shares during the last quarter. Founders Capital Management LLC raised its holdings in Fastenal by 2.2% in the 4th quarter. Founders Capital Management LLC now owns 10,428 shares of the company’s stock valued at $418,000 after buying an additional 228 shares during the last quarter. L2 Asset Management LLC raised its holdings in Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after buying an additional 248 shares during the last quarter. KLCM Advisors Inc. raised its holdings in Fastenal by 0.8% in the 3rd quarter. KLCM Advisors Inc. now owns 33,800 shares of the company’s stock valued at $1,658,000 after buying an additional 260 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in Fastenal by 1.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 19,415 shares of the company’s stock valued at $952,000 after buying an additional 260 shares during the last quarter. Institutional investors own 81.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Barclays raised their price objective on shares of Fastenal from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Morgan Stanley reiterated a “positive” rating and issued a $45.00 price objective on shares of Fastenal in a report on Thursday, March 5th. Benchmark reiterated a “buy” rating on shares of Fastenal in a report on Thursday, March 5th. Wolfe Research decreased their target price on shares of Fastenal from $46.00 to $45.00 and set an “underperform” rating for the company in a research report on Tuesday, April 14th. Finally, UBS Group reissued a “neutral” rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $49.77.

Insider Activity at Fastenal

In other news, Director Reyne K. Wisecup sold 36,920 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total transaction of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares of the company’s stock, valued at $1,893,600. This trade represents a 48.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.28% of the stock is currently owned by company insiders.

Fastenal Stock Performance

NASDAQ:FAST opened at $43.68 on Thursday. The company has a market capitalization of $50.15 billion, a PE ratio of 38.32, a P/E/G ratio of 2.77 and a beta of 0.75. The company has a 50 day simple moving average of $45.17 and a two-hundred day simple moving average of $43.70. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.34 and a current ratio of 4.39. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Monday, April 13th. The company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.19 billion. Fastenal had a net margin of 15.39% and a return on equity of 33.25%. The company’s quarterly revenue was up 12.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. Research analysts anticipate that Fastenal Company will post 1.23 earnings per share for the current year.

Fastenal Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Tuesday, April 28th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, April 28th. This represents a $0.96 annualized dividend and a dividend yield of 2.2%. Fastenal’s dividend payout ratio (DPR) is 84.21%.

About Fastenal

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.