Alpha Omega Wealth Management LLC Buys 11,902 Shares of Fastenal Company $FAST

Key Points

• Alpha Omega Wealth Management LLC increased its stake in Fastenal Company by 94.3%, now holding 24,522 shares valued at approximately $1,030,000.
• Fastenal reported a quarterly earnings per share of $0.29, beating analyst estimates, with an 8.6% increase in revenue year-over-year.
• The company recently cut its dividend, with a current payout ratio of 84.62%, reflecting ongoing adjustments in its financial strategy.

Alpha Omega Wealth Management LLC lifted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 94.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,522 shares of the company's stock after purchasing an additional 11,902 shares during the quarter. Alpha Omega Wealth Management LLC's holdings in Fastenal were worth $1,030,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FAST. Brighton Jones LLC bought a new position in shares of Fastenal during the 4th quarter worth about $496,000. Woodline Partners LP bought a new position in shares of Fastenal during the 4th quarter worth about $1,953,000. Vise Technologies Inc. boosted its position in shares of Fastenal by 26.9% during the 4th quarter. Vise Technologies Inc. now owns 7,733 shares of the company's stock worth $556,000 after purchasing an additional 1,640 shares in the last quarter. GTS Securities LLC lifted its position in Fastenal by 216.7% in the 4th quarter. GTS Securities LLC now owns 7,432 shares of the company's stock valued at $534,000 after acquiring an additional 13,802 shares in the last quarter. Finally, Forum Financial Management LP lifted its position in Fastenal by 24.0% in the 4th quarter. Forum Financial Management LP now owns 3,908 shares of the company's stock valued at $281,000 after acquiring an additional 757 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Trading Down 1.0%

Shares of FAST stock opened at $47.12 on Tuesday. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63. The firm has a market cap of $54.08 billion, a P/E ratio of 45.31, a PEG ratio of 4.33 and a beta of 0.97. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average of $47.89 and a 200-day moving average of $43.00.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the previous year, the business earned $0.25 EPS. Fastenal's revenue was up 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's payout ratio is currently 84.62%.

Insider Buying and Selling at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the transaction, the insider directly owned 11,880 shares of the company's stock, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock valued at $5,288,364 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Northcoast Research assumed coverage on shares of Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating on the stock. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and raised their price target for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $46.82.

Fastenal 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.

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