Burney Co. Has $798,000 Position in Fastenal Company $FAST

Burney Co. boosted its position in Fastenal Company (NASDAQ:FAST) by 271.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 18,994 shares of the company’s stock after purchasing an additional 13,885 shares during the period. Burney Co.’s holdings in Fastenal were worth $798,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Riverview Trust Co lifted its stake in Fastenal by 100.0% in the 2nd quarter. Riverview Trust Co now owns 584 shares of the company’s stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. Hilltop National Bank acquired a new stake in Fastenal in the 2nd quarter valued at about $27,000. Private Wealth Management Group LLC lifted its stake in Fastenal by 111.9% in the 2nd quarter. Private Wealth Management Group LLC now owns 642 shares of the company’s stock valued at $27,000 after purchasing an additional 339 shares during the last quarter. Armstrong Advisory Group Inc. lifted its stake in Fastenal by 100.0% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company’s stock valued at $29,000 after purchasing an additional 348 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company’s stock valued at $29,000 after purchasing an additional 342 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FAST has been the subject of several recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Fastenal in a research note on Wednesday, October 8th. Robert W. Baird lowered their price target on shares of Fastenal from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Baird R W raised shares of Fastenal from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Barclays set a $45.00 price target on shares of Fastenal and gave the company an “equal weight” rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $46.50.

Fastenal Price Performance

NASDAQ:FAST opened at $41.30 on Wednesday. Fastenal Company has a 52 week low of $35.31 and a 52 week high of $50.63. The firm’s 50-day simple moving average is $46.11 and its 200 day simple moving average is $44.40. The firm has a market cap of $47.41 billion, a price-to-earnings ratio of 38.60, a P/E/G ratio of 3.75 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.19 and a current ratio of 4.26.

Fastenal (NASDAQ:FAST) last announced its earnings results on Monday, October 13th. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. Fastenal’s dividend payout ratio (DPR) is currently 82.24%.

Insider Buying and Selling at Fastenal

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president directly owned 11,994 shares of the company’s stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 90,178 shares of company stock valued at $4,336,603 over the last ninety days. Company insiders own 0.37% of the company’s stock.

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.