Atomi Financial Group Inc. Acquires 1,972 Shares of Fastenal (NASDAQ:FAST)

Atomi Financial Group Inc. increased its position in shares of Fastenal (NASDAQ:FAST) by 61.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,180 shares of the company’s stock after acquiring an additional 1,972 shares during the quarter. Atomi Financial Group Inc.’s holdings in Fastenal were worth $370,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Penobscot Investment Management Company Inc. lifted its position in Fastenal by 1.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 13,350 shares of the company’s stock worth $1,030,000 after purchasing an additional 150 shares during the period. Sara Bay Financial lifted its position in Fastenal by 1.3% during the second quarter. Sara Bay Financial now owns 11,872 shares of the company’s stock worth $746,000 after purchasing an additional 155 shares during the period. Trueblood Wealth Management LLC lifted its position in Fastenal by 1.4% during the second quarter. Trueblood Wealth Management LLC now owns 11,314 shares of the company’s stock worth $711,000 after purchasing an additional 156 shares during the period. Team Hewins LLC lifted its position in Fastenal by 4.8% during the first quarter. Team Hewins LLC now owns 3,404 shares of the company’s stock worth $263,000 after purchasing an additional 157 shares during the period. Finally, Bleakley Financial Group LLC lifted its position in Fastenal by 2.0% during the first quarter. Bleakley Financial Group LLC now owns 8,173 shares of the company’s stock worth $630,000 after purchasing an additional 159 shares during the period. Institutional investors own 81.38% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Fastenal from $57.00 to $63.00 and gave the stock a “neutral” rating in a report on Thursday. Morgan Stanley initiated coverage on shares of Fastenal in a report on Friday, September 6th. They issued an “equal weight” rating and a $72.00 target price for the company. Bank of America initiated coverage on shares of Fastenal in a report on Monday, October 7th. They issued a “buy” rating and a $85.00 target price for the company. Jefferies Financial Group dropped their target price on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Finally, Stephens reissued an “equal weight” rating and issued a $56.00 target price on shares of Fastenal in a report on Monday, July 15th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $68.89.

Insider Buying and Selling at Fastenal

In other Fastenal news, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the completion of the sale, the chief executive officer now owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 stock was 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 directly owns 286,018 shares in the company, valued at approximately $19,489,266.52. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel L. Florness sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total value of $3,484,000.00. Following the transaction, the chief executive officer now owns 286,018 shares in the company, valued at $19,929,734.24. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Fastenal Stock Performance

NASDAQ:FAST opened at $76.82 on Friday. The company has a market capitalization of $43.99 billion, a PE ratio of 38.22, a P/E/G ratio of 4.13 and a beta of 1.01. The company has a 50 day simple moving average of $68.58 and a two-hundred day simple moving average of $68.02. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.29 and a current ratio of 4.39. Fastenal has a fifty-two week low of $56.41 and a fifty-two week high of $79.04.

Fastenal (NASDAQ:FAST) last released its earnings results on Friday, October 11th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.90 billion. Fastenal had a net margin of 15.54% and a return on equity of 33.54%. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 EPS. Research analysts anticipate that Fastenal will post 2.04 earnings per share for the current year.

Fastenal Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, October 25th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 2.03%. Fastenal’s dividend payout ratio is presently 77.61%.

Fastenal 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.