Capital City Trust Co. FL Increases Holdings in Fastenal Company $FAST

Key Points

• Capital City Trust Co. FL significantly increased its holdings in Fastenal Company by 106.5% during the second quarter, acquiring an additional 20,247 shares, valued at approximately $1.65 million.
• Several institutional investors have also increased their stakes in Fastenal, with 81.38% of the stock now owned by hedge funds and institutional investors.
• In the latest earnings report, Fastenal topped analysts' expectations with $0.29 earnings per share, leading to a 8.6% year-over-year revenue growth.

Capital City Trust Co. FL grew its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 106.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,266 shares of the company's stock after buying an additional 20,247 shares during the period. Capital City Trust Co. FL's holdings in Fastenal were worth $1,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of FAST. Brighton Jones LLC purchased a new stake in Fastenal during the 4th quarter worth about $496,000. NBC Securities Inc. lifted its holdings in shares of Fastenal by 174,400.0% in the 1st quarter. NBC Securities Inc. now owns 1,745 shares of the company's stock valued at $135,000 after purchasing an additional 1,744 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Fastenal by 28.5% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,745 shares of the company's stock valued at $291,000 after purchasing an additional 830 shares during the last quarter. Procyon Advisors LLC lifted its holdings in shares of Fastenal by 4.3% in the 1st quarter. Procyon Advisors LLC now owns 12,574 shares of the company's stock valued at $975,000 after purchasing an additional 524 shares during the last quarter. Finally, SeaCrest Wealth Management LLC lifted its holdings in shares of Fastenal by 1.7% in the 1st quarter. SeaCrest Wealth Management LLC now owns 10,225 shares of the company's stock valued at $793,000 after purchasing an additional 172 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the company'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 sale, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This represents a 36.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 in the last quarter. Corporate insiders own 0.37% of the company's stock.

Fastenal Stock Performance

FAST opened at $47.88 on Friday. The stock has a market cap of $54.95 billion, a P/E ratio of 46.04, a P/E/G ratio of 4.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The stock's 50 day simple moving average is $48.18 and its 200 day simple moving average is $43.60. Fastenal Company has a 1-year low of $34.69 and a 1-year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The business had revenue of $2.08 billion for 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 company's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. As a group, equities analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were issued a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. Fastenal's dividend payout ratio is currently 84.62%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FAST. JPMorgan Chase & Co. boosted their target price on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. Northcoast Research began coverage on Fastenal in a report on Thursday, August 21st. They issued a "neutral" rating for the company. Wolfe Research reissued a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Stifel Nicolaus set a $82.00 target price on Fastenal in a report on Thursday, July 3rd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Fastenal in a report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $46.82.

Fastenal 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.

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