194,125 Shares in Fastenal Company $FAST Bought by Cibc World Market Inc.

Key Points

• CIBC World Market Inc. acquired 194,125 Fastenal shares during the second quarter, valued at approximately $9.3 million. Institutional investors and hedge funds collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share on $2.39 billion in revenue, with revenue rising 14.7% year over year. The company also raised its quarterly dividend from $0.24 to $0.26 per share, implying a 2.0% annualized yield.
• Two directors recently sold Fastenal shares, including Rita J. Heise’s sale of 34,964 shares worth about $1.75 million. Analysts’ consensus rating is “Hold,” with an average price target of $49.17 versus the stock’s reported $51.28 price.

Cibc World Market Inc. purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 194,125 shares of the company's stock, valued at approximately $9,324,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FAST. Brighton Jones LLC bought a new position in Fastenal during the fourth quarter worth $496,000. Integrated Wealth Concepts LLC increased its holdings in Fastenal by 2.4% in the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Fastenal during the 2nd quarter worth approximately $158,000. Jump Financial LLC bought a new stake in shares of Fastenal in the 2nd quarter valued at $2,199,000. Finally, Cary Street Partners Financial LLC lifted its position in shares of Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock valued at $141,000 after acquiring an additional 1,771 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Activity

In other news, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Ancius sold 3,000 shares of Fastenal stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.28% of the company's stock.

Fastenal Trading Up 0.0%

NASDAQ:FAST opened at $51.28 on Tuesday. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The firm's 50 day moving average is $48.06 and its 200 day moving average is $46.41. The stock has a market capitalization of $58.84 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 3.20 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The company's revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. Sell-side analysts expect that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is 88.14%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FAST. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Barclays cut their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. Robert W. Baird set a $54.00 price objective on Fastenal in a research note on Friday, August 7th. Weiss Ratings cut Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Finally, DA Davidson restated a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Fastenal currently has a consensus rating of "Hold" and an average price target of $49.17.

Fastenal Profile

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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