Frontier Wealth Management LLC Acquires 63,200 Shares of Fastenal (NASDAQ:FAST)

Frontier Wealth Management LLC lifted its holdings in Fastenal (NASDAQ:FAST) by 181.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 97,940 shares of the company’s stock after buying an additional 63,200 shares during the period. Frontier Wealth Management LLC’s holdings in Fastenal were worth $3,192,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FAST. Vanguard Group Inc. raised its position in shares of Fastenal by 103.6% in the 2nd quarter. Vanguard Group Inc. now owns 67,317,971 shares of the company’s stock worth $2,193,894,000 after acquiring an additional 34,249,134 shares in the last quarter. BlackRock Inc. raised its position in shares of Fastenal by 114.3% in the 2nd quarter. BlackRock Inc. now owns 43,456,381 shares of the company’s stock worth $1,416,246,000 after acquiring an additional 23,182,045 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Fastenal by 92.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 31,430,053 shares of the company’s stock worth $1,024,304,000 after acquiring an additional 15,082,989 shares in the last quarter. Invesco Ltd. raised its position in shares of Fastenal by 241.9% in the 2nd quarter. Invesco Ltd. now owns 13,737,816 shares of the company’s stock worth $447,715,000 after acquiring an additional 9,719,267 shares in the last quarter. Finally, Bares Capital Management Inc. raised its position in shares of Fastenal by 94.5% in the 2nd quarter. Bares Capital Management Inc. now owns 8,677,098 shares of the company’s stock worth $282,787,000 after acquiring an additional 4,214,984 shares in the last quarter. 83.85% of the stock is owned by hedge funds and other institutional investors.

Fastenal stock traded up $0.45 during midday trading on Wednesday, reaching $32.15. The stock had a trading volume of 50,499 shares, compared to its average volume of 3,660,077. Fastenal has a 12 month low of $24.00 and a 12 month high of $35.94. The company has a market capitalization of $18.27 billion, a P/E ratio of 24.33, a PEG ratio of 1.45 and a beta of 1.23. The company has a fifty day moving average price of $30.87 and a two-hundred day moving average price of $44.47. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.



Fastenal (NASDAQ:FAST) last issued its earnings results on Thursday, July 11th. The company reported $0.36 EPS 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 the consensus estimate of $1.38 billion. During the same period in the previous year, the firm earned $0.37 earnings per share. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, equities research analysts predict that Fastenal will post 1.37 earnings per share for the current fiscal year.

Several research firms have recently weighed in on FAST. Buckingham Research lifted their price objective on Fastenal from $29.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th. Zacks Investment Research raised Fastenal from a “sell” rating to a “hold” rating and set a $34.00 price objective for the company in a research report on Tuesday, September 10th. Morgan Stanley decreased their target price on Fastenal from $31.50 to $29.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Wells Fargo & Co decreased their target price on Fastenal from $35.00 to $30.00 and set a “market perform” rating for the company in a research report on Friday, July 12th. Finally, BidaskClub lowered Fastenal from a “buy” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Fastenal currently has a consensus rating of “Hold” and a consensus price target of $31.64.

In related news, CAO Sheryl Ann Lisowski sold 5,615 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $33.50, for a total value of $188,102.50. Following the completion of the sale, the chief accounting officer now directly owns 10,382 shares of the company’s stock, valued at approximately $347,797. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Ancius acquired 1,104 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were bought at an average cost of $30.13 per share, with a total value of $33,263.52. The disclosure for this purchase can be found here. Insiders purchased a total of 4,604 shares of company stock valued at $138,479 over the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

About Fastenal

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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