Allspring Global Investments Holdings LLC Raises Holdings in Fastenal Company $FAST

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Fastenal Company by 71.3% during the second quarter, acquiring an additional 22,704 shares, bringing its total holdings to 54,545 shares valued at approximately $2.34 million.
• Fastenal's recent earnings report revealed a miss on EPS expectations with $0.29 reported, compared to an estimate of $0.30, alongside a revenue of $2.13 billion, which met analyst expectations.
• The company declared a quarterly dividend of $0.22, with a payout ratio of 82.24% and an annual dividend yield of 2.0%, which will be paid out on November 25th.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 71.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,545 shares of the company's stock after buying an additional 22,704 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Fastenal were worth $2,338,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of FAST. Brighton Jones LLC purchased a new position in Fastenal during the fourth quarter valued at approximately $496,000. GAMMA Investing LLC raised its position in shares of Fastenal by 11.4% in the 1st quarter. GAMMA Investing LLC now owns 21,847 shares of the company's stock worth $1,694,000 after acquiring an additional 2,240 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Fastenal by 42.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 56,836 shares of the company's stock worth $4,408,000 after acquiring an additional 16,915 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Fastenal by 8.6% in the 1st quarter. Asset Management One Co. Ltd. now owns 265,311 shares of the company's stock worth $20,575,000 after acquiring an additional 21,047 shares in the last quarter. Finally, Legacy Advisors LLC bought a new position in shares of Fastenal in the 1st quarter worth $217,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Trading Up 0.8%

Shares of NASDAQ:FAST opened at $43.32 on Wednesday. The business's 50-day moving average is $47.63 and its 200 day moving average is $44.10. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The firm has a market capitalization of $49.73 billion, a P/E ratio of 40.49, a P/E/G ratio of 3.92 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.26 and a quick ratio of 2.19.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the company earned $0.26 earnings per share. The company's quarterly revenue was up 11.7% on a year-over-year basis. On average, research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal's dividend payout ratio is currently 82.24%.

Analysts Set New Price Targets

Several research analysts have recently commented on FAST shares. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Northcoast Research started coverage on Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating for the company. Barclays set a $45.00 price target on Fastenal and gave the stock an "equal weight" rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their price target on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Fastenal in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal has a consensus rating of "Hold" and a consensus price target of $46.50.

Insider Transactions at Fastenal

In other news, Director Hsenghung Sam Hsu acquired 1,000 shares of the business's stock in a transaction dated Thursday, October 16th. The shares were acquired at an average cost of $42.45 per share, with a total value of $42,450.00. Following the completion of the acquisition, the director owned 9,000 shares of the company's stock, valued at approximately $382,050. This trade represents a 12.50% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 90,178 shares of company stock valued at $4,336,603 over the last three months. Company insiders own 0.37% of the company's stock.

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.

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