B & T Capital Management DBA Alpha Capital Management Takes $6.56 Million Position in Fastenal Company $FAST

Key Points

• Alpha Capital Management purchased 136,529 Fastenal shares worth approximately $6.56 million during the second quarter. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, in line with estimates, while revenue rose 14.7% year over year to $2.39 billion. The company also increased its quarterly dividend to $0.26 per share, or $1.04 annually.
• Fastenal shares opened at $51.23, near their one-year high, while analysts maintained a consensus “Hold” rating with an average price target of $49.17. Two directors recently sold shares, including a $1.75 million sale by Rita J. Heise.

B & T Capital Management DBA Alpha Capital Management purchased a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 136,529 shares of the company's stock, valued at approximately $6,557,000.

Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Fastenal during the second quarter valued at about $5,105,454,000. Bank of New York Mellon Corp bought a new stake in shares of Fastenal in the second quarter valued at approximately $859,310,000. Norges Bank bought a new stake in shares of Fastenal in the fourth quarter valued at approximately $646,046,000. Wellington Management Group LLP lifted its stake in shares of Fastenal by 243.5% during the 4th quarter. Wellington Management Group LLP now owns 12,095,194 shares of the company's stock valued at $485,380,000 after buying an additional 8,574,208 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Fastenal by 106.1% during the 2nd quarter. Bank of America Corp DE now owns 15,431,393 shares of the company's stock valued at $648,118,000 after buying an additional 7,943,217 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insider Transactions at Fastenal

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the firm's stock in a transaction dated 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 sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by corporate insiders.

Fastenal Stock Up 0.4%

Shares of NASDAQ:FAST opened at $51.23 on Tuesday. The firm has a fifty day moving average price of $47.58 and a two-hundred day moving average price of $46.17. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. The company has a market cap of $58.79 billion, a price-to-earnings ratio of 43.42, a PEG ratio of 3.18 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting analysts' consensus estimates of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business's revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. Analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a yield of 2.0%. Fastenal's dividend payout ratio (DPR) is presently 88.14%.

Wall Street Analyst Weigh In

FAST has been the subject of several analyst reports. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. Barclays dropped their target price on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a research report on Thursday, June 4th. Finally, Weiss Ratings lowered Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Fastenal currently has a consensus rating of "Hold" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source