HBK Sorce Advisory LLC Has $251,000 Holdings in Fastenal (NASDAQ:FAST)

HBK Sorce Advisory LLC increased its stake in Fastenal (NASDAQ:FAST) by 7.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,996 shares of the company’s stock after purchasing an additional 275 shares during the period. HBK Sorce Advisory LLC’s holdings in Fastenal were worth $251,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FAST. Central Valley Advisors LLC bought a new stake in Fastenal during the 2nd quarter worth about $28,000. MCF Advisors LLC lifted its position in Fastenal by 2,172.2% during the 1st quarter. MCF Advisors LLC now owns 409 shares of the company’s stock worth $32,000 after buying an additional 391 shares in the last quarter. Triad Wealth Partners LLC bought a new stake in Fastenal during the 2nd quarter worth about $32,000. Crewe Advisors LLC lifted its position in Fastenal by 528.4% during the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock worth $32,000 after buying an additional 428 shares in the last quarter. Finally, OFI Invest Asset Management bought a new stake in Fastenal during the 2nd quarter worth about $35,000. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

Fastenal stock opened at $69.82 on Monday. The stock has a market cap of $39.98 billion, a P/E ratio of 34.74, a P/E/G ratio of 3.78 and a beta of 1.01. The company has a quick ratio of 2.29, a current ratio of 4.39 and a debt-to-equity ratio of 0.04. Fastenal has a twelve month low of $53.83 and a twelve month high of $79.04. The company’s 50-day moving average price is $67.35 and its two-hundred day moving average price is $68.52.

Fastenal (NASDAQ:FAST) last announced its earnings results on Friday, July 12th. The company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The business’s revenue was up 1.8% compared to the same quarter last year. As a group, analysts expect that Fastenal will post 2.04 EPS for the current year.

Fastenal Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Friday, July 26th were given a dividend of $0.39 per share. The ex-dividend date was Friday, July 26th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.23%. Fastenal’s payout ratio is presently 77.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FAST shares. Jefferies Financial Group cut their price target on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $80.00 target price (down from $85.00) on shares of Fastenal in a report on Monday, July 15th. Stephens reaffirmed an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Finally, Morgan Stanley assumed coverage on shares of Fastenal in a report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.43.

Insiders Place Their Bets

In other Fastenal news, CEO Daniel L. Florness sold 45,744 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $68.14, for a total transaction of $3,116,996.16. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at approximately $19,489,266.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

Fastenal Company Profile

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico, North America, and internationally. It offers fasteners, and related industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, bolts, nuts, screws, studs, and related washers that are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.