Fastenal Company $FAST Shares Newly Bought by GRIMES & Co WEALTH MANAGEMENT LLC

GRIMES & Co WEALTH MANAGEMENT LLC bought a new position in Fastenal Company (NASDAQ:FAST) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 28,556 shares of the company’s stock, valued at approximately $1,414,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Next Level Wealth Planning LLC bought a new stake in Fastenal during the 3rd quarter valued at $121,000. Summit Wealth Group LLC Co. bought a new position in shares of Fastenal in the third quarter worth $1,068,000. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Fastenal by 0.5% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 2,320,364 shares of the company’s stock worth $115,130,000 after acquiring an additional 12,378 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Fastenal in the third quarter valued at $96,350,000. Finally, ProShare Advisors LLC grew its position in shares of Fastenal by 3.2% in the third quarter. ProShare Advisors LLC now owns 4,916,029 shares of the company’s stock valued at $243,491,000 after purchasing an additional 151,085 shares in the last quarter. Institutional investors own 81.38% of the company’s stock.

Fastenal Trading Down 0.4%

Fastenal stock opened at $52.33 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.11 and a current ratio of 3.93. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $53.30. The stock has a market cap of $60.04 billion, a P/E ratio of 42.38, a PEG ratio of 3.15 and a beta of 0.66. The firm’s fifty day moving average price is $50.52 and its 200-day moving average price is $47.29.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, October 14th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.01. Fastenal had a return on equity of 35.13% and a net margin of 15.62%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the company earned $0.29 earnings per share. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. Equities research analysts forecast that Fastenal Company will post 1.27 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, October 28th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is presently 83.87%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the company a “buy” rating in a research note on Monday, July 13th. DA Davidson set a $51.00 target price on Fastenal and gave the stock a “neutral” rating in a research note on Tuesday, October 13th. Wolfe Research assumed coverage on Fastenal in a report on Tuesday, September 15th. They set an “underperform” rating and a $51.00 target price for the company. Weiss Ratings upgraded Fastenal from a “buy (b)” rating to a “buy (b+)” rating in a research report on Wednesday, October 28th. Finally, Argus upped their price target on Fastenal from $55.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, October 21st. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $51.46.

Fastenal Profile

Fastenal Company is a distributor of industrial and construction supplies headquartered in Winona, Minnesota. Founded in 1967, the company primarily serves businesses that require products for manufacturing, construction, maintenance, repair and operations.

Its product range includes threaded fasteners, bolts, nuts, screws, industrial and safety supplies, tools, electrical and plumbing products, material-handling equipment, and other related items. Fastenal also provides inventory-management solutions, including automated vending machines, customer-specific inventory programs and onsite services designed to improve product availability and purchasing efficiency.

Fastenal serves customers through a network of locations and sales channels across the United States, Canada, Mexico, Europe and parts of Asia.