Hardy Reed LLC Raises Position in Fastenal (NASDAQ:FAST)
Hardy Reed LLC boosted its stake in Fastenal (NASDAQ:FAST) by 97.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,488 shares of the company’s stock after buying an additional 5,185 shares during the period. Hardy Reed LLC’s holdings in Fastenal were worth $342,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Perennial Advisors LLC grew its position in Fastenal by 97.1% in the 2nd quarter. Perennial Advisors LLC now owns 21,890 shares of the company’s stock worth $713,000 after purchasing an additional 10,785 shares during the period. NuWave Investment Management LLC grew its position in Fastenal by 1,369.9% in the 2nd quarter. NuWave Investment Management LLC now owns 5,365 shares of the company’s stock worth $175,000 after purchasing an additional 5,000 shares during the period. Leavell Investment Management Inc. grew its position in Fastenal by 100.0% in the 2nd quarter. Leavell Investment Management Inc. now owns 25,130 shares of the company’s stock worth $819,000 after purchasing an additional 12,565 shares during the period. Archford Capital Strategies LLC grew its position in Fastenal by 100.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 51,100 shares of the company’s stock worth $1,665,000 after purchasing an additional 25,554 shares during the period. Finally, New York State Teachers Retirement System grew its position in Fastenal by 144.6% in the 2nd quarter. New York State Teachers Retirement System now owns 915,546 shares of the company’s stock worth $29,838,000 after purchasing an additional 541,173 shares during the period. Institutional investors and hedge funds own 85.36% of the company’s stock.
Shares of FAST stock traded down $0.23 during mid-day trading on Monday, reaching $31.40. 366,061 shares of the company’s stock traded hands, compared to its average volume of 4,859,261. Fastenal has a 12 month low of $24.00 and a 12 month high of $35.94. The firm’s 50 day moving average price is $31.78. 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 $18.14 billion, a price-to-earnings ratio of 23.79, a PEG ratio of 1.43 and a beta of 1.25.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, July 25th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend is Wednesday, July 24th. Fastenal’s payout ratio is 66.67%.
In other news, insider Terry Modock Owen sold 1,875 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $70.62, for a total transaction of $132,412.50. Following the completion of the sale, the insider now owns 5,375 shares of the company’s stock, valued at approximately $379,582.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael J. Ancius acquired 1,104 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were acquired 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. In the last three months, insiders have sold 41,041 shares of company stock valued at $2,839,653. Insiders own 0.62% of the company’s stock.
A number of equities research analysts have commented on the stock. Wells Fargo & Co set a $29.00 target price on shares of Establishment Labs and gave the stock a “buy” rating in a research report on Friday, July 12th. Zacks Investment Research raised shares of Hope Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Morgan Stanley set a $207.00 target price on shares of Alibaba Group and gave the stock a “buy” rating in a research report on Friday, July 12th. BidaskClub downgraded shares of Zai Lab from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, Buckingham Research cut their target price on shares of Fastenal from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued 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 price target of $31.36.
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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