Fortress Financial Group LLC Makes New Investment in Fastenal (NASDAQ:FAST)

Fortress Financial Group LLC acquired a new stake in Fastenal (NASDAQ:FAST) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 14,072 shares of the company’s stock, valued at approximately $1,012,000. Fastenal comprises 1.0% of Fortress Financial Group LLC’s portfolio, making the stock its 22nd biggest holding.

A number of other hedge funds have also modified their holdings of FAST. Integrated Advisors Network LLC boosted its stake in Fastenal by 10.3% during the 3rd quarter. Integrated Advisors Network LLC now owns 12,238 shares of the company’s stock worth $874,000 after purchasing an additional 1,140 shares during the period. Valmark Advisers Inc. purchased a new position in Fastenal in the 3rd quarter valued at $206,000. Golden State Equity Partners increased its stake in Fastenal by 16.9% in the 3rd quarter. Golden State Equity Partners now owns 8,239 shares of the company’s stock valued at $588,000 after buying an additional 1,191 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in shares of Fastenal by 5.3% in the third quarter. First Trust Direct Indexing L.P. now owns 19,782 shares of the company’s stock valued at $1,413,000 after acquiring an additional 997 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its stake in shares of Fastenal by 77.3% during the third quarter. Pinnacle Associates Ltd. now owns 8,771 shares of the company’s stock worth $626,000 after acquiring an additional 3,823 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

NASDAQ:FAST opened at $74.09 on Friday. The company has a current ratio of 4.67, a quick ratio of 2.28 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $42.48 billion, a P/E ratio of 36.86, a price-to-earnings-growth ratio of 3.58 and a beta of 1.02. The firm has a 50-day moving average price of $74.08 and a two-hundred day moving average price of $74.54. Fastenal has a twelve month low of $61.36 and a twelve month high of $84.88.

Fastenal (NASDAQ:FAST) last issued its quarterly earnings data on Friday, January 17th. The company reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). Fastenal had a return on equity of 32.55% and a net margin of 15.25%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period last year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, research analysts expect that Fastenal will post 2.15 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, January 31st will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.32%. This is a boost from Fastenal’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, January 31st. Fastenal’s payout ratio is 85.57%.

Analyst Ratings Changes

A number of brokerages recently commented on FAST. UBS Group initiated coverage on shares of Fastenal in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $88.00 price objective for the company. Stifel Nicolaus decreased their price target on Fastenal from $86.00 to $82.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. HSBC cut Fastenal from a “hold” rating to a “reduce” rating and set a $70.00 price objective for the company. in a research report on Wednesday, December 11th. Wolfe Research boosted their target price on shares of Fastenal from $74.00 to $76.00 and gave the stock an “underweight” rating in a research report on Thursday, January 16th. Finally, Hsbc Global Res downgraded shares of Fastenal from a “hold” rating to a “moderate sell” rating in a report on Wednesday, December 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $76.91.

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, 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.