Contravisory Investment Management Inc. Raises Stock Holdings in Fastenal (NASDAQ:FAST)

Contravisory Investment Management Inc. raised its position in shares of Fastenal (NASDAQ:FAST) by 2.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,311 shares of the company’s stock after acquiring an additional 192 shares during the period. Contravisory Investment Management Inc.’s holdings in Fastenal were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of FAST. Whittier Trust Co. raised its holdings in Fastenal by 4.6% during the 1st quarter. Whittier Trust Co. now owns 4,147 shares of the company’s stock valued at $224,000 after buying an additional 184 shares during the period. Brown Brothers Harriman & Co. lifted its position in shares of Fastenal by 1.1% during the first quarter. Brown Brothers Harriman & Co. now owns 17,837 shares of the company’s stock worth $962,000 after purchasing an additional 190 shares during the last quarter. Czech National Bank lifted its position in shares of Fastenal by 0.3% during the first quarter. Czech National Bank now owns 67,235 shares of the company’s stock worth $3,627,000 after purchasing an additional 193 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of Fastenal by 0.4% during the fourth quarter. 1832 Asset Management L.P. now owns 48,972 shares of the company’s stock worth $2,317,000 after purchasing an additional 195 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its position in shares of Fastenal by 7.6% during the first quarter. Penserra Capital Management LLC now owns 2,767 shares of the company’s stock worth $164,000 after purchasing an additional 196 shares during the last quarter. 78.47% of the stock is owned by hedge funds and other institutional investors.

Fastenal Price Performance

FAST opened at $54.91 on Tuesday. The business’s 50-day moving average is $57.11 and its two-hundred day moving average is $55.33. Fastenal has a 1 year low of $43.73 and a 1 year high of $59.43. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.26 and a quick ratio of 2.13. The firm has a market capitalization of $31.37 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 3.09 and a beta of 1.16.

Fastenal (NASDAQ:FAST) last posted its earnings results on Thursday, July 13th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Fastenal had a net margin of 15.52% and a return on equity of 34.63%. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter last year, the firm earned $0.50 EPS. Fastenal’s revenue for the quarter was up 5.9% on a year-over-year basis. Research analysts anticipate that Fastenal will post 1.98 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, July 27th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, July 26th. This represents a $1.40 annualized dividend and a yield of 2.55%. Fastenal’s dividend payout ratio (DPR) is presently 71.07%.

Insider Buying and Selling at Fastenal

In other Fastenal news, Director Michael J. Ancius purchased 500 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were acquired at an average price of $57.53 per share, for a total transaction of $28,765.00. Following the completion of the purchase, the director now owns 28,765 shares of the company’s stock, valued at $1,654,850.45. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other Fastenal news, Director Michael J. Ancius purchased 500 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were acquired at an average price of $57.53 per share, for a total transaction of $28,765.00. Following the completion of the purchase, the director now owns 28,765 shares of the company’s stock, valued at $1,654,850.45. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Reyne K. Wisecup sold 19,564 shares of Fastenal stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $56.78, for a total value of $1,110,843.92. Following the sale, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,135,600. The disclosure for this sale can be found here. 0.45% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Jefferies Financial Group lifted their target price on Fastenal from $50.00 to $60.00 in a research report on Friday, June 16th. Stephens downgraded Fastenal from an “overweight” rating to an “equal weight” rating and set a $60.00 target price for the company. in a research report on Thursday, July 13th. They noted that the move was a valuation call. HSBC began coverage on Fastenal in a research report on Friday. They set a “hold” rating and a $59.00 target price for the company. StockNews.com began coverage on Fastenal in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Finally, Robert W. Baird raised their price target on Fastenal from $57.00 to $60.00 in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $57.00.

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, 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, which are used in manufactured products and construction projects, as well as in the maintenance and repair of machines.