Bright Rock Capital Management LLC Buys 50,800 Shares of Fastenal Company $FAST

Key Points

• Bright Rock Capital Management LLC doubled its stake in Fastenal Company, acquiring an additional 50,800 shares during the second quarter for a total of 101,600 shares valued at approximately $4.27 million.
• Analysts have recently adjusted their price targets for Fastenal, with targets ranging from $40.00 to $82.00, reflecting a mix of ratings including "Strong Buy," "Buy," and "Hold," leading to a consensus rating of "Hold" with an average target price of $46.82.
• Fastenal Company reported positive quarterly earnings, with a net margin of 15.30% and revenue of $2.08 billion, marking an 8.6% year-over-year increase despite an announced dividend adjustment.

Bright Rock Capital Management LLC grew its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,600 shares of the company's stock after purchasing an additional 50,800 shares during the period. Bright Rock Capital Management LLC's holdings in Fastenal were worth $4,267,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall Financial Group LLC purchased a new position in shares of Fastenal in the 2nd quarter valued at $943,000. Fulton Bank N.A. lifted its stake in Fastenal by 85.9% during the second quarter. Fulton Bank N.A. now owns 51,898 shares of the company's stock worth $2,180,000 after purchasing an additional 23,980 shares in the last quarter. NorthCrest Asset Manangement LLC increased its holdings in Fastenal by 120.1% in the second quarter. NorthCrest Asset Manangement LLC now owns 24,601 shares of the company's stock valued at $1,061,000 after buying an additional 13,424 shares during the last quarter. Community Trust & Investment Co. grew its holdings in shares of Fastenal by 100.0% during the second quarter. Community Trust & Investment Co. now owns 13,664 shares of the company's stock worth $574,000 after purchasing an additional 6,832 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Fastenal by 134.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 855,561 shares of the company's stock worth $36,900,000 after buying an additional 490,867 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Finally, Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Fastenal has an average rating of "Hold" and an average target price of $46.82.

Fastenal Trading Up 0.8%

Shares of Fastenal stock traded up $0.36 during midday trading on Friday, reaching $47.58. 13,747,553 shares of the company's stock traded hands, compared to its average volume of 5,443,559. The stock has a 50 day moving average of $47.84 and a 200-day moving average of $42.93. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The company has a market cap of $54.60 billion, a PE ratio of 45.75, a price-to-earnings-growth ratio of 4.33 and a beta of 0.97. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating 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 analysts' expectations of $2.07 billion. During the same period last year, the firm posted $0.25 earnings per share. Fastenal's revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio is currently 84.62%.

Insider Transactions at Fastenal

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock valued at $5,288,364 over the last three months. Company insiders own 0.37% of the company's stock.

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.