Schwartz Investment Counsel Inc. Raises Stock Holdings in Fastenal Company $FAST

Schwartz Investment Counsel Inc. lifted its holdings in Fastenal Company (NASDAQ:FAST) by 99.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,113,600 shares of the company’s stock after acquiring an additional 556,600 shares during the period. Fastenal accounts for about 1.5% of Schwartz Investment Counsel Inc.’s portfolio, making the stock its 22nd biggest holding. Schwartz Investment Counsel Inc. owned approximately 0.10% of Fastenal worth $46,771,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Whittier Trust Co. boosted its stake in Fastenal by 73.8% during the second quarter. Whittier Trust Co. now owns 5,612 shares of the company’s stock valued at $236,000 after buying an additional 2,383 shares during the last quarter. Lafayette Investments Inc. raised its holdings in shares of Fastenal by 100.0% in the second quarter. Lafayette Investments Inc. now owns 6,904 shares of the company’s stock worth $290,000 after buying an additional 3,452 shares during the period. Klingman & Associates LLC purchased a new stake in shares of Fastenal in the second quarter worth approximately $303,000. Securian Asset Management Inc. raised its holdings in shares of Fastenal by 97.2% in the second quarter. Securian Asset Management Inc. now owns 59,883 shares of the company’s stock worth $2,515,000 after buying an additional 29,510 shares during the period. Finally, Pittenger & Anderson Inc. increased its holdings in Fastenal by 145.7% during the 2nd quarter. Pittenger & Anderson Inc. now owns 28,314 shares of the company’s stock worth $1,189,000 after purchasing an additional 16,791 shares during the period. Institutional investors own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FAST shares. Wolfe Research reiterated a “positive” rating on shares of Fastenal in a report on Monday, July 14th. Northcoast Research began coverage on Fastenal in a report on Thursday, August 21st. They issued a “neutral” rating for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fastenal in a research report on Wednesday, October 8th. Loop Capital reissued a “hold” rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, Stephens upped their price target on Fastenal from $40.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $46.50.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the firm’s stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total transaction of $333,000.14. Following the transaction, the executive vice president 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 SEC, which can be accessed through this hyperlink. Also, Director Hsenghung Sam Hsu acquired 1,000 shares of the company’s stock in a transaction on Thursday, October 16th. The shares were purchased at an average cost of $42.45 per share, for a total transaction of $42,450.00. Following the acquisition, the director owned 9,000 shares of the company’s stock, valued at approximately $382,050. The trade was a 12.50% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 90,178 shares of company stock worth $4,336,603. 0.37% of the stock is owned by corporate insiders.

Fastenal Stock Up 1.2%

Fastenal stock opened at $42.99 on Tuesday. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The stock’s fifty day simple moving average is $47.74 and its 200-day simple moving average is $44.11. The company has a current ratio of 4.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $49.35 billion, a P/E ratio of 40.18, a P/E/G ratio of 3.87 and a beta of 0.94.

Fastenal (NASDAQ:FAST) last posted 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). The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS. As a group, equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal’s dividend payout ratio is 82.24%.

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.