Fastenal (NASDAQ:FAST) Hits New 12-Month High – Still a Buy?

Fastenal Company (NASDAQ:FAST) reached a new 52-week high during trading on Wednesday . The company traded as high as $52.92 and last traded at $52.38, with a volume of 9698192 shares. The stock had previously closed at $52.15.

Analyst Ratings Changes

FAST has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a “buy” rating in a research report on Monday, July 13th. Wolfe Research reaffirmed an “underperform” rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Weiss Ratings lowered Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research note on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Fastenal currently has an average rating of “Hold” and an average price target of $49.17.

Fastenal Trading Up 0.4%

The stock’s 50 day moving average is $47.19 and its two-hundred day moving average is $45.96. The company has a market capitalization of $60.11 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 3.26 and a beta of 0.72. 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 posted its earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts’ consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the firm posted $0.29 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, sell-side analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, July 28th. Fastenal’s payout ratio is 88.14%.

Insider Activity at Fastenal

In other Fastenal news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction 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 sale, the director owned 20,000 shares of the company’s stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction on 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 owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company’s stock.

Institutional Trading of Fastenal

A number of institutional investors have recently made changes to their positions in FAST. Integrated Wealth Concepts LLC increased its stake in shares of Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. boosted its stake in Fastenal by 1.8% during the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after acquiring an additional 224 shares during the last quarter. Sittner & Nelson LLC grew its holdings in Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares in the last quarter. Sound Income Strategies LLC increased its position in shares of Fastenal by 12.9% in the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after purchasing an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC increased its position in shares of Fastenal by 4.8% in the 3rd quarter. L2 Asset Management LLC now owns 5,389 shares of the company’s stock worth $264,000 after purchasing an additional 248 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

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.