Longfellow Investment Management Co. LLC Makes New Investment in Fastenal Company $FAST

Longfellow Investment Management Co. LLC acquired a new position in shares of Fastenal Company (NASDAQ:FAST) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,348 shares of the company’s stock, valued at approximately $545,000.

Other large investors have also made changes to their positions in the company. Elyxium Wealth LLC bought a new position in Fastenal during the fourth quarter valued at about $25,000. Palladiem LLC bought a new stake in shares of Fastenal in the 4th quarter worth approximately $25,000. Evergreen Advisors LLC acquired a new stake in shares of Fastenal during the 1st quarter worth approximately $26,000. MV Capital Management Inc. bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $29,000. Finally, Field & Main Bank bought a new stake in shares of Fastenal during the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of recent research reports. Barclays cut their target price on Fastenal from $47.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, July 16th. Wolfe Research reissued an “underperform” rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Sanford C. Bernstein restated an “underperform” rating on shares of Fastenal in a research note on Wednesday, July 15th. DA Davidson reaffirmed a “neutral” rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Finally, Weiss Ratings cut shares of Fastenal from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 21st. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fastenal presently has an average rating of “Hold” and an average price target of $49.17.

Insider Transactions at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.28% of the company’s stock.

Fastenal Stock Performance

Shares of NASDAQ:FAST opened at $51.02 on Monday. The business’s fifty day moving average price is $47.47 and its two-hundred day moving average price is $46.12. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The stock has a market capitalization of $58.55 billion, a price-to-earnings ratio of 43.24, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21.

Fastenal (NASDAQ:FAST) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the prior year, the company posted $0.29 earnings per share. The business’s revenue for the quarter was up 14.7% compared to the same quarter last year. As a group, analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is an increase from Fastenal’s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal’s dividend payout ratio is 88.14%.

Fastenal Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.