Zacks Investment Management Increases Stock Position in Fastenal (NASDAQ:FAST)

Zacks Investment Management lifted its holdings in shares of Fastenal (NASDAQ:FAST) by 99.2% during the second quarter, HoldingsChannel.com reports. The fund owned 208,478 shares of the company’s stock after purchasing an additional 103,825 shares during the quarter. Zacks Investment Management’s holdings in Fastenal were worth $6,794,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Farmers & Merchants Investments Inc. grew its position in shares of Fastenal by 94.0% during the second quarter. Farmers & Merchants Investments Inc. now owns 774 shares of the company’s stock worth $25,000 after acquiring an additional 375 shares during the last quarter. Advisors Preferred LLC purchased a new position in shares of Fastenal during the second quarter worth approximately $26,000. Wealthcare Advisory Partners LLC grew its position in shares of Fastenal by 101.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 843 shares of the company’s stock worth $27,000 after acquiring an additional 424 shares during the last quarter. Clarus Wealth Advisors grew its position in shares of Fastenal by 101.2% during the second quarter. Clarus Wealth Advisors now owns 845 shares of the company’s stock worth $28,000 after acquiring an additional 425 shares during the last quarter. Finally, FTB Advisors Inc. purchased a new position in shares of Fastenal during the second quarter worth approximately $29,000. Institutional investors and hedge funds own 83.85% of the company’s stock.

In other Fastenal news, Director Michael J. Ancius bought 1,000 shares of Fastenal stock in a transaction on Monday, August 5th. The stock was bought at an average price of $28.99 per share, with a total value of $28,990.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel L. Johnson bought 2,500 shares of Fastenal stock in a transaction on Thursday, August 1st. The stock was acquired at an average cost of $30.49 per share, with a total value of $76,225.00. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 4,604 shares of company stock worth $138,479. 0.62% of the stock is currently owned by insiders.



NASDAQ:FAST traded down $0.58 during midday trading on Tuesday, reaching $31.70. The stock had a trading volume of 303,754 shares, compared to its average volume of 3,660,077. The firm has a fifty day simple moving average of $30.83 and a two-hundred day simple moving average of $44.62. Fastenal has a 12-month low of $24.00 and a 12-month high of $35.94. The company has a quick ratio of 2.13, a current ratio of 4.68 and a debt-to-equity ratio of 0.25. The stock has a market cap of $18.27 billion, a P/E ratio of 24.02, a P/E/G ratio of 1.45 and a beta of 1.23.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Thursday, July 11th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). Fastenal had a net margin of 14.74% and a return on equity of 32.27%. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter last year, the business earned $0.37 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, sell-side analysts anticipate that Fastenal will post 1.37 earnings per share for the current fiscal year.

A number of equities analysts have recently issued reports on FAST shares. Morgan Stanley lowered their target price on shares of Fastenal from $31.50 to $29.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Wells Fargo & Co lowered their price objective on shares of Fastenal from $35.00 to $30.00 and set a “market perform” rating on the stock in a research report on Friday, July 12th. Raymond James lowered their price objective on shares of Fastenal from $39.00 to $37.00 and set a “strong-buy” rating on the stock in a research report on Friday, July 12th. Buckingham Research lifted their price objective on shares of Fastenal from $29.00 to $30.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th. Finally, Zacks Investment Research upgraded shares of Fastenal from a “sell” rating to a “hold” rating and set a $34.00 price objective on the stock in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $31.64.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as bolts, nuts, screws, studs, and related washers, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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