BTC Capital Management Inc. Purchases 150,432 Shares of Fastenal Company $FAST

Key Points

• BTC Capital Management Inc. increased its stake in Fastenal Company by 101.0% during the 2nd quarter, acquiring an additional 150,432 shares, bringing its total ownership to 299,438 shares valued at approximately $12.6 million.
• Over the last three months, company insiders sold a total of 111,230 shares for approximately $5.3 million, with significant sales from executives reducing their ownership by over 36% and 80%.
• Fastenal's stock is currently rated as a "Hold" by analysts, with a consensus target price of $46.82, following a recent earnings report that showed a revenue increase of 8.6% year-over-year.

BTC Capital Management Inc. increased its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 101.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 299,438 shares of the company's stock after acquiring an additional 150,432 shares during the quarter. Fastenal comprises 1.0% of BTC Capital Management Inc.'s holdings, making the stock its 27th biggest position. BTC Capital Management Inc.'s holdings in Fastenal were worth $12,576,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Garde Capital Inc. grew its position in Fastenal by 4,900.0% during the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock worth $32,000 after buying an additional 735 shares during the period. 1248 Management LLC purchased a new position in shares of Fastenal in the first quarter valued at $36,000. Horizon Financial Services LLC increased its holdings in Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares during the last quarter. Carderock Capital Management Inc. bought a new stake in shares of Fastenal in the 2nd quarter worth about $42,000. Finally, Zions Bancorporation National Association UT acquired a new position in Fastenal in the first quarter worth $49,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Transactions at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares of the company's stock, valued at $570,834. This represents a 80.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the company's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their position. 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 quarter. Company insiders own 0.37% of the company's stock.

Fastenal Price Performance

Shares of NASDAQ:FAST traded up $0.36 during mid-day trading on Friday, reaching $47.58. The stock had a trading volume of 13,747,553 shares, compared to its average volume of 5,858,801. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63. The business's 50 day moving average price is $47.84 and its 200 day moving average price is $42.95. The company has a market cap of $54.60 billion, a P/E ratio of 45.75, a price-to-earnings-growth ratio of 4.33 and a beta of 0.97.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 EPS. Research 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 issued a $0.22 dividend. 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 84.62%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FAST. Robert W. Baird upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $47.00 to $55.00 in a report on Thursday, August 7th. Stephens boosted their target price on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Fastenal currently has an average rating of "Hold" and a consensus price target of $46.82.

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.