Cwm LLC Acquires 628 Shares of Fastenal (NASDAQ:FAST)

Posted by Defense World Staff on Jul 24th, 2023

Cwm LLC lifted its holdings in shares of Fastenal (NASDAQ:FAST – Free Report) by 4.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,624 shares of the company’s stock after purchasing an additional 628 shares during the period. Cwm LLC’s holdings in Fastenal were worth $789,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FAST. Norges Bank bought a new position in Fastenal in the fourth quarter worth approximately $268,570,000. Morgan Stanley increased its position in Fastenal by 37.8% in the fourth quarter. Morgan Stanley now owns 9,092,207 shares of the company’s stock worth $430,243,000 after buying an additional 2,492,722 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Fastenal by 816.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,983,091 shares of the company’s stock worth $93,841,000 after buying an additional 1,766,818 shares during the last quarter. Baird Financial Group Inc. increased its position in Fastenal by 22.9% in the fourth quarter. Baird Financial Group Inc. now owns 8,249,677 shares of the company’s stock worth $390,374,000 after buying an additional 1,537,417 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Fastenal by 10.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,989,837 shares of the company’s stock worth $567,359,000 after buying an additional 1,179,460 shares during the last quarter. Institutional investors own 77.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FAST shares. Jefferies Financial Group lifted their price objective on Fastenal from $50.00 to $60.00 in a research note on Friday, June 16th. Morgan Stanley lifted their price target on Fastenal from $42.00 to $46.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 5th. Robert W. Baird lifted their price target on Fastenal from $57.00 to $60.00 in a research note on Friday, July 14th. Stifel Nicolaus assumed coverage on Fastenal in a research note on Monday, April 3rd. They set a “buy” rating and a $61.00 price target for the company. Finally, StockNews.com lowered Fastenal from a “buy” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fastenal has a consensus rating of “Hold” and an average price target of $56.67.

Insider Buying and Selling at Fastenal

In related news, Director Michael J. Ancius acquired 500 shares of the company’s stock in a transaction on Monday, July 17th. The stock was acquired at an average price of $57.53 per share, with a total value of $28,765.00. Following the acquisition, the director now directly owns 28,765 shares of the company’s stock, valued at $1,654,850.45. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Michael J. Ancius bought 500 shares of Fastenal stock in a transaction dated Monday, July 17th. The shares were acquired at an average cost of $57.53 per share, with a total value of $28,765.00. Following the completion of the transaction, the director now owns 28,765 shares in the company, valued at approximately $1,654,850.45. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Terry Modock Owen sold 20,000 shares of Fastenal stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $56.15, for a total transaction of $1,123,000.00. Following the transaction, the chief operating officer now directly owns 7,000 shares in the company, valued at $393,050. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Fastenal Trading Up 0.5 %

Shares of FAST stock opened at $58.14 on Monday. Fastenal has a 52-week low of $43.73 and a 52-week high of $59.43. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.13 and a current ratio of 4.26. The firm has a market capitalization of $33.22 billion, a PE ratio of 29.51, a PEG ratio of 3.27 and a beta of 1.19. The stock has a fifty day simple moving average of $56.32 and a two-hundred day simple moving average of $53.59.

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

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, July 27th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.41%. The ex-dividend date is Wednesday, July 26th. Fastenal’s dividend payout ratio (DPR) is presently 71.07%.

Fastenal Profile

(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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