Citizens Financial Group Inc. RI Makes New $982,000 Investment in Fastenal Company $FAST

Citizens Financial Group Inc. RI bought a new position in shares of Fastenal Company (NASDAQ:FAST) during the second quarter, Holdings Channel.com reports. The fund bought 20,446 shares of the company’s stock, valued at approximately $982,000.

Several other large investors have also recently made changes to their positions in the business. Integrated Wealth Concepts LLC increased 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 worth $487,000 after acquiring an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. boosted its stake in shares of Fastenal by 1.8% during the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after purchasing an additional 224 shares during the period. Sittner & Nelson LLC lifted its stake in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares during the period. Sound Income Strategies LLC boosted its position in Fastenal by 12.9% during the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock valued at $94,000 after acquiring an additional 232 shares in the last quarter. Finally, L2 Asset Management LLC boosted its position in Fastenal by 4.8% during the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock valued at $264,000 after acquiring an additional 248 shares in the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FAST shares. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a report on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Barclays reduced their price target on Fastenal from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 16th. Morgan Stanley increased their price objective on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Finally, Weiss Ratings lowered shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and a consensus target price of $49.17.

Insider Transactions at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rita J. Heise sold 34,964 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company’s stock.

Fastenal Stock Up 0.1%

FAST stock opened at $51.27 on Wednesday. The business has a 50 day moving average of $47.67 and a 200 day moving average of $46.22. The firm has a market cap of $58.83 billion, a PE ratio of 43.45, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST) last released its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was up 14.7% compared to the same quarter last year. On average, research analysts forecast that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. Fastenal’s dividend payout ratio (DPR) is presently 88.14%.

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.