Bellwether Advisors LLC Sells 25,678 Shares of Fastenal Company (NASDAQ:FAST)

Key Points

• Bellwether Advisors LLC significantly reduced its stake in Fastenal Company by 82.6%, holding only 5,410 shares after selling 25,678 shares in the first quarter.
• Multiple institutional investors, including Norges Bank and GAMMA Investing LLC, have made substantial investments in Fastenal, increasing their stakes by over 8,500% and acquiring shares worth millions.
• Fastenal recently reported a quarterly earnings per share (EPS) of $0.29, exceeding expectations, with a net margin of 15.30% and year-over-year revenue growth of 8.6%.

Bellwether Advisors LLC decreased its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 82.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,410 shares of the company's stock after selling 25,678 shares during the quarter. Bellwether Advisors LLC's holdings in Fastenal were worth $420,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. KLP Kapitalforvaltning AS grew its stake in shares of Fastenal by 3.9% in the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock worth $15,180,000 after purchasing an additional 7,400 shares in the last quarter. OneAscent Financial Services LLC bought a new position in shares of Fastenal in the fourth quarter worth $338,000. LPL Financial LLC grew its stake in shares of Fastenal by 3.2% in the fourth quarter. LPL Financial LLC now owns 357,489 shares of the company's stock worth $25,707,000 after purchasing an additional 10,959 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Fastenal during the fourth quarter valued at about $662,000. Finally, J.W. Cole Advisors Inc. boosted its stake in Fastenal by 97.2% during the first quarter. J.W. Cole Advisors Inc. now owns 24,999 shares of the company's stock valued at $1,939,000 after buying an additional 12,321 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

NASDAQ FAST traded down $0.19 during trading on Wednesday, hitting $46.41. The company's stock had a trading volume of 5,806,402 shares, compared to its average volume of 6,688,455. 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 firm has a 50 day moving average price of $42.96 and a 200 day moving average price of $40.03. The firm has a market cap of $53.26 billion, a P/E ratio of 44.63, a price-to-earnings-growth ratio of 4.27 and a beta of 0.96. Fastenal Company has a 52 week low of $32.04 and a 52 week high of $48.10.

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

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.90%. The ex-dividend date is Tuesday, July 29th. Fastenal's payout ratio is presently 84.62%.

Analyst Upgrades and Downgrades

FAST has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. Stephens increased their price target on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Finally, Robert W. Baird raised their price target on Fastenal from $43.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Fastenal currently has a consensus rating of "Hold" and an average target price of $45.64.

Insider Transactions at Fastenal

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares of the company's stock, valued at $460,780.32. The trade was a 67.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Satterlee sold 19,340 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $39.76, for a total value of $768,861.70. Following the completion of the sale, the director directly owned 50,000 shares in the company, valued at approximately $1,987,750. This represents a 27.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,116 shares of company stock valued at $3,069,670. 0.37% of the stock is owned by corporate insiders.

Fastenal Company 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.