Ridgewood Investments LLC Takes Position in Fastenal (NASDAQ:FAST)

Posted by on Jul 12th, 2023

Ridgewood Investments LLC purchased a new stake in shares of Fastenal (NASDAQ:FAST – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 562 shares of the company’s stock, valued at approximately $30,000.

A number of other large investors have also recently added to or reduced their stakes in FAST. Ritholtz Wealth Management raised its stake in shares of Fastenal by 28.7% in the 1st quarter. Ritholtz Wealth Management now owns 20,928 shares of the company’s stock valued at $1,129,000 after acquiring an additional 4,668 shares during the period. New York State Common Retirement Fund lifted its stake in Fastenal by 1.1% during the fourth quarter. New York State Common Retirement Fund now owns 1,042,785 shares of the company’s stock worth $49,345,000 after purchasing an additional 10,948 shares in the last quarter. Beaumont Financial Advisors LLC purchased a new position in shares of Fastenal during the fourth quarter worth $352,000. Valeo Financial Advisors LLC purchased a new position in shares of Fastenal during the fourth quarter worth $378,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Fastenal in the fourth quarter valued at $222,000. 77.24% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Trading Up 0.2 %

NASDAQ FAST opened at $58.96 on Wednesday. Fastenal has a 52 week low of $43.73 and a 52 week high of $59.33. The firm has a 50 day moving average of $55.83 and a two-hundred day moving average of $53.02. The company has a quick ratio of 1.75, a current ratio of 3.66 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $33.67 billion, a PE ratio of 30.24, a price-to-earnings-growth ratio of 3.24 and a beta of 1.19.

Fastenal (NASDAQ:FAST – Get Free Report) last issued its earnings results on Thursday, April 13th. The company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. Fastenal had a net margin of 15.59% and a return on equity of 34.83%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The company’s revenue was up 9.1% compared to the same quarter last year. As a group, research analysts expect that Fastenal will post 1.98 EPS for the current fiscal year.

Insider Activity

In related news, COO Terry Modock Owen sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $56.15, for a total value of $1,123,000.00. Following the completion of the transaction, the chief operating officer now directly owns 7,000 shares of the company’s stock, valued at $393,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

FAST has been the subject of a number of research analyst reports. Jefferies Financial Group raised their target price on Fastenal from $50.00 to $60.00 in a report on Friday, June 16th. Robert W. Baird raised their price objective on shares of Fastenal from $56.00 to $57.00 and gave the company a “neutral” rating in a research note on Friday, April 14th. Stifel Nicolaus started coverage on shares of Fastenal in a research note on Monday, April 3rd. They set a “buy” rating and a $61.00 target price on the stock. StockNews.com lowered shares of Fastenal from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley boosted their price target on shares of Fastenal from $42.00 to $46.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $54.57.

About Fastenal

(Free Report)

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.

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Institutional Ownership by Quarter for Fastenal (NASDAQ:FAST)

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