Baird Financial Group Inc. Purchases 183,238 Shares of Fastenal Company $FAST

Key Points

• Baird Financial Group increased its Fastenal stake by 1.2% in the second quarter, purchasing 183,238 shares and bringing its holdings to 15.56 million shares valued at approximately $747.4 million.
• Institutional investors and hedge funds own 81.38% of Fastenal, while insiders own 0.28%; two directors recently sold shares, including a $1.75 million sale by Rita J. Heise.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and a $49.17 target price. Fastenal reported quarterly revenue growth of 14.7% year over year and raised its quarterly dividend to $0.26 per share.

Baird Financial Group Inc. increased its position in Fastenal Company (NASDAQ:FAST - Free Report) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,561,007 shares of the company's stock after buying an additional 183,238 shares during the quarter. Fastenal accounts for approximately 1.0% of Baird Financial Group Inc.'s investment portfolio, making the stock its 22nd largest position. Baird Financial Group Inc. owned approximately 1.36% of Fastenal worth $747,395,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in Fastenal during the 4th quarter worth $496,000. Integrated Wealth Concepts LLC lifted its stake in shares of 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 acquiring an additional 147 shares during the period. Quantbot Technologies LP bought a new stake in Fastenal in the second quarter valued at approximately $158,000. Jump Financial LLC acquired a new stake in Fastenal during the 2nd quarter valued at approximately $2,199,000. Finally, Cary Street Partners Financial LLC raised its holdings in Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock worth $141,000 after purchasing an additional 1,771 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fastenal

In other Fastenal news, Director Michael Ancius sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the sale, the director directly owned 58,690 shares of the company's stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was 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 of the company's stock, valued at approximately $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FAST has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research report on Thursday, July 16th. William Blair reissued an "outperform" rating on shares of Fastenal in a research report on Friday. Sanford C. Bernstein restated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Weiss Ratings raised Fastenal from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, August 26th. Finally, Rothschild & Co Redburn set a $55.00 price target on Fastenal and gave the company a "buy" rating in a research note on Monday, July 13th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $49.17.

Fastenal Stock Performance

Shares of FAST opened at $49.38 on Wednesday. The stock has a 50-day moving average of $48.78 and a 200-day moving average of $46.64. Fastenal Company has a one year low of $38.97 and a one year high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market cap of $56.66 billion, a PE ratio of 41.85, a P/E/G ratio of 3.09 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting 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 return on equity of 34.03% and a net margin of 15.45%.The company's quarterly revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 earnings per share. On average, equities research analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, July 28th. This is a positive change from Fastenal's previous quarterly dividend of $0.24. Fastenal's payout ratio is 88.14%.

Fastenal Company 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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