Barbara Oil Co. Makes New $1.55 Million Investment in Fastenal Company $FAST

Key Points

• Barbara Oil Co. acquired 32,000 Fastenal shares in the second quarter, valued at approximately $1.55 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share, in line with estimates, while revenue of $2.39 billion exceeded expectations and rose 14.7% year over year.
• Analysts have a consensus “Hold” rating and an average price target of $49.17. Fastenal increased its quarterly dividend to $0.26 per share, representing a 2.0% annualized yield.

Barbara Oil Co. acquired a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 32,000 shares of the company's stock, valued at approximately $1,548,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wiregrass Investment Management LLC acquired a new stake in shares of Fastenal in the 4th quarter worth about $1,020,000. Swiss Life Asset Management Ltd boosted its stake in Fastenal by 2.7% during the 4th quarter. Swiss Life Asset Management Ltd now owns 1,491,994 shares of the company's stock valued at $59,874,000 after purchasing an additional 39,406 shares during the last quarter. Fideuram Asset Management Ireland dac acquired a new position in Fastenal during the 4th quarter valued at about $4,041,000. National Pension Service increased its holdings in Fastenal by 2.9% during the 4th quarter. National Pension Service now owns 1,603,839 shares of the company's stock worth $64,362,000 after purchasing an additional 45,260 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Fastenal by 16.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 6,820,172 shares of the company's stock worth $273,699,000 after purchasing an additional 959,731 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

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

Analysts Set New Price Targets

FAST has been the subject of several analyst reports. DA Davidson restated a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, July 15th. Morgan Stanley upped their price target on Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Weiss Ratings lowered Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 16th. Finally, Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal has an average rating of "Hold" and an average target price of $49.17.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $51.26 on Monday. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The stock's 50 day moving average price is $47.96 and its 200-day moving average price is $46.38. The company has a market capitalization of $58.82 billion, a PE ratio of 43.44, a PEG ratio of 3.20 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last issued 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 company 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%.Fastenal's revenue was up 14.7% on a year-over-year basis. During the same period last year, the business posted $0.29 earnings per share. On average, equities analysts anticipate that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently disclosed 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. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal's dividend payout ratio is currently 88.14%.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

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