Saudi Central Bank Has $3.86 Million Stake in Fastenal Company $FAST

Saudi Central Bank boosted its holdings in shares of Fastenal Company (NASDAQ:FAST) by 89.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 80,382 shares of the company’s stock after purchasing an additional 38,007 shares during the quarter. Saudi Central Bank’s holdings in Fastenal were worth $3,861,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC grew its position in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock valued at $487,000 after acquiring an additional 147 shares during the period. High Net Worth Advisory Group LLC grew its position in Fastenal by 2.4% during the 2nd quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company’s stock worth $433,000 after acquiring an additional 214 shares during the last quarter. Tandem Investment Advisors Inc. raised its position in Fastenal by 1.8% in the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock valued at $573,000 after purchasing an additional 224 shares during the last quarter. Sittner & Nelson LLC lifted its position in Fastenal by 0.3% during the 4th quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after buying an additional 226 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its position in shares of Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after purchasing an additional 232 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.

Insider Activity at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company’s stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rita Heise sold 34,964 shares of Fastenal stock in a transaction on 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 sale, the director owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on FAST shares. Morgan Stanley lifted their price objective on Fastenal from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Wolfe Research restated an “underperform” rating and set a $47.00 target price on shares of Fastenal in a report on Thursday, July 9th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. Jefferies Financial Group reiterated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Finally, Weiss Ratings raised shares of Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, August 26th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.17.

Fastenal Stock Performance

FAST opened at $49.60 on Monday. The business’s 50-day moving average price is $48.71 and its two-hundred day moving average price is $46.59. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The company has a market capitalization of $56.92 billion, a price-to-earnings ratio of 42.03, a P/E/G ratio of 3.09 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 posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.Fastenal’s revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 earnings per share. Equities analysts expect that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were 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 of this dividend was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. Fastenal’s payout ratio is currently 88.14%.

Fastenal Company 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.