Mackay Shields LLC Invests $2.64 Million in Fastenal (FAST) Stock

Mackay Shields LLC bought a new position in shares of Fastenal (NASDAQ:FAST) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 48,374 shares of the company’s stock, valued at approximately $2,641,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wolverine Asset Management LLC bought a new stake in Fastenal during the fourth quarter worth $104,000. Exane Derivatives bought a new position in shares of Fastenal in the 4th quarter valued at $110,000. SeaCrest Wealth Management LLC bought a new position in shares of Fastenal in the 4th quarter valued at $115,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of Fastenal by 87.8% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,500 shares of the company’s stock valued at $135,000 after acquiring an additional 1,169 shares during the last quarter. Finally, Dupont Capital Management Corp bought a new position in shares of Fastenal in the 1st quarter valued at $159,000. Hedge funds and other institutional investors own 84.79% of the company’s stock.

Fastenal opened at $52.87 on Friday, according to Marketbeat. The firm has a market capitalization of $15.25 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.51 and a beta of 1.01. Fastenal has a twelve month low of $52.38 and a twelve month high of $52.89. The company has a debt-to-equity ratio of 0.18, a current ratio of 5.11 and a quick ratio of 2.30.

Fastenal (NASDAQ:FAST) last posted its quarterly earnings data on Wednesday, April 11th. The company reported $0.61 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.61. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.19 billion. Fastenal had a return on equity of 28.69% and a net margin of 13.66%. Fastenal’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 earnings per share. sell-side analysts anticipate that Fastenal will post 2.51 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 23rd. Investors of record on Wednesday, April 25th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, April 24th. This represents a $1.48 dividend on an annualized basis and a yield of 2.80%. Fastenal’s payout ratio is 76.68%.

In other Fastenal news, insider William Joseph Drazkowski sold 7,500 shares of the stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $56.64, for a total transaction of $424,800.00. Following the completion of the sale, the insider now directly owns 9,460 shares in the company, valued at approximately $535,814.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James C. Jansen sold 29,758 shares of the stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $52.51, for a total value of $1,562,592.58. Following the sale, the insider now owns 22,588 shares of the company’s stock, valued at $1,186,095.88. The disclosure for this sale can be found here. Insiders purchased 2,155 shares of company stock valued at $107,678 over the last 90 days. 0.56% of the stock is currently owned by company insiders.

A number of brokerages have recently commented on FAST. Stifel Nicolaus increased their price target on Fastenal from $54.00 to $55.00 and gave the company a “hold” rating in a research note on Tuesday, April 3rd. BidaskClub cut Fastenal from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 13th. Stephens reiterated a “buy” rating and issued a $60.00 price target on shares of Fastenal in a research note on Wednesday, April 11th. Zacks Investment Research cut Fastenal from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Goldman Sachs began coverage on Fastenal in a research note on Sunday, March 18th. They issued a “sell” rating and a $49.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Fastenal has an average rating of “Buy” and a consensus price target of $54.07.

About Fastenal

Fastenal Company, together with its subsidiaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. It offers fasteners, and other industrial and construction supplies under the Fastenal name. The company's fastener products include threaded fasteners, such as 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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