Redmond Asset Management LLC Grows Holdings in Fastenal (NASDAQ:FAST)
Redmond Asset Management LLC increased its position in shares of Fastenal (NASDAQ:FAST) by 98.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,926 shares of the company’s stock after buying an additional 33,612 shares during the period. Redmond Asset Management LLC’s holdings in Fastenal were worth $2,214,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Securian Asset Management Inc increased its stake in Fastenal by 0.5% during the 1st quarter. Securian Asset Management Inc now owns 29,785 shares of the company’s stock worth $1,915,000 after buying an additional 150 shares during the period. Northwestern Mutual Investment Management Company LLC increased its stake in Fastenal by 0.5% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 43,484 shares of the company’s stock worth $2,796,000 after buying an additional 227 shares during the period. Providence Wealth Advisors LLC increased its stake in Fastenal by 5.0% during the 1st quarter. Providence Wealth Advisors LLC now owns 5,250 shares of the company’s stock worth $341,000 after buying an additional 250 shares during the period. Ironwood Investment Management LLC increased its stake in Fastenal by 3.2% during the 1st quarter. Ironwood Investment Management LLC now owns 8,161 shares of the company’s stock worth $525,000 after buying an additional 250 shares during the period. Finally, ETF Managers Group LLC increased its stake in Fastenal by 10.5% during the 1st quarter. ETF Managers Group LLC now owns 2,675 shares of the company’s stock worth $172,000 after buying an additional 254 shares during the period. 85.36% of the stock is currently owned by hedge funds and other institutional investors.
Shares of FAST traded up $0.16 during midday trading on Thursday, hitting $29.32. The company had a trading volume of 46,036 shares, compared to its average volume of 4,769,627. The firm has a 50 day moving average price of $30.93. The stock has a market cap of $16.85 billion, a PE ratio of 22.23, a price-to-earnings-growth ratio of 1.33 and a beta of 1.22. Fastenal has a 52 week low of $24.00 and a 52 week high of $35.94. The company has a current ratio of 4.68, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 22nd. Investors 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 3.00%. The ex-dividend date is Wednesday, July 24th. Fastenal’s dividend payout ratio is presently 66.67%.
In other Fastenal news, Director Michael J. Ancius acquired 1,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $28.99 per share, with a total value of $28,990.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel L. Johnson acquired 2,500 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were 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. In the last ninety days, insiders have purchased 4,604 shares of company stock valued at $138,479. Insiders own 0.56% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Wells Fargo & Co dropped their price target on shares of Fastenal from $35.00 to $30.00 and set a “market perform” rating on the stock in a research note on Friday, July 12th. Zacks Investment Research downgraded shares of Fastenal from a “buy” rating to a “hold” rating in a research report on Wednesday, April 17th. BidaskClub raised shares of Fastenal from a “strong sell” rating to a “sell” rating in a research report on Friday, July 26th. William Blair downgraded shares of Fastenal from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 7th. Finally, Buckingham Research dropped 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 analysts have rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price 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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