Miramar Capital LLC Invests $478,000 in Fastenal (NASDAQ:FAST)

Miramar Capital LLC purchased a new position in shares of Fastenal (NASDAQ:FAST) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 7,600 shares of the company’s stock, valued at approximately $478,000.

Other large investors also recently modified their holdings of the company. MCF Advisors LLC increased its stake in shares of 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 purchasing an additional 391 shares during the last quarter. Central Valley Advisors LLC purchased a new position in Fastenal in the 2nd quarter valued at approximately $28,000. LRI Investments LLC purchased a new position in Fastenal in the 1st quarter valued at approximately $39,000. Triad Wealth Partners LLC purchased a new position in Fastenal in the 2nd quarter valued at approximately $32,000. Finally, Crewe Advisors LLC grew its stake in Fastenal by 528.4% in the 2nd quarter. Crewe Advisors LLC now owns 509 shares of the company’s stock valued at $32,000 after buying an additional 428 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Stock Down 0.2 %

FAST opened at $70.47 on Thursday. The company has a fifty day moving average price of $67.80 and a 200-day moving average price of $68.50. The firm has a market capitalization of $40.35 billion, a P/E ratio of 35.06, a price-to-earnings-growth ratio of 3.78 and a beta of 1.01. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.39 and a quick ratio of 2.29. Fastenal has a one year low of $53.83 and a one year high of $79.04.

Fastenal (NASDAQ:FAST) last released its quarterly earnings results on Friday, July 12th. The company reported $0.51 EPS for the quarter, meeting 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 during the quarter, compared to analyst estimates of $1.91 billion. During the same period in the previous year, the business earned $0.52 EPS. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. Equities research analysts expect that Fastenal will post 2.04 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Friday, July 26th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Friday, July 26th. Fastenal’s dividend payout ratio is currently 77.61%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Stephens reiterated an “equal weight” rating and issued a $56.00 price objective on shares of Fastenal in a research note on Monday, July 15th. Stifel Nicolaus reiterated a “buy” rating and issued a $80.00 price objective (down from $85.00) on shares of Fastenal in a research note on Monday, July 15th. Jefferies Financial Group reduced their price objective on shares of Fastenal from $74.00 to $65.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Morgan Stanley assumed coverage on shares of Fastenal in a research note on Friday, September 6th. They issued an “equal weight” rating and a $72.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $67.43.

Insider Transactions at Fastenal

In other news, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction 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 directly owns 286,018 shares of the company’s stock, valued at approximately $19,929,734.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Daniel L. Florness sold 45,744 shares of Fastenal stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at approximately $19,489,266.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel L. Florness sold 50,000 shares of Fastenal stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $69.68, for a total transaction of $3,484,000.00. Following the sale, the chief executive officer now directly owns 286,018 shares of the company’s stock, valued at $19,929,734.24. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by insiders.

About Fastenal

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.