Jupiter Topco LLC Makes New Investment in Fastenal Company $FAST

Jupiter Topco LLC bought a new stake in shares of Fastenal Company (NASDAQ:FAST) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 127,984 shares of the company’s stock, valued at approximately $6,146,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Integrated Wealth Concepts LLC grew its stake in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after purchasing an additional 147 shares in the last quarter. Tandem Investment Advisors Inc. increased its position in Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock worth $573,000 after purchasing an additional 224 shares during the last quarter. Sittner & Nelson LLC raised its stake in shares of 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 purchasing an additional 226 shares in the last quarter. Sound Income Strategies LLC lifted its holdings in shares of 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 buying an additional 232 shares during the last quarter. Finally, L2 Asset Management LLC lifted its holdings in shares of 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 buying an additional 248 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. 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. Jefferies Financial Group reissued a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Rothschild & Co Redburn set a $55.00 price target on shares of Fastenal and gave the stock a “buy” rating in a research note on Monday, July 13th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research note on Friday, August 7th. Finally, DA Davidson reiterated a “neutral” rating and issued a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $49.17.

Insiders Place Their Bets

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

Fastenal Stock Down 0.9%

FAST stock opened at $49.31 on Tuesday. The stock has a market capitalization of $56.58 billion, a price-to-earnings ratio of 41.79, a price-to-earnings-growth ratio of 3.11 and a beta of 0.72. The company has a 50-day moving average of $48.52 and a two-hundred day moving average of $46.52. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

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

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were paid a $0.26 dividend. The ex-dividend date was Tuesday, July 28th. This is a positive change from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fastenal’s dividend payout ratio is 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.