Chevy Chase Trust Holdings LLC Grows Position in Fastenal Company $FAST

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Fastenal Company by 101.5%, acquiring a total of 608,360 shares, valued at approximately $25.55 million.
• Fastenal reported mixed quarterly earnings with $0.29 earnings per share, falling short of analyst expectations of $0.30, while its revenue matched expectations at $2.13 billion.
• The company declared a quarterly dividend of $0.22, with an annualized yield of 2.1%, set to be paid on November 25th.

Chevy Chase Trust Holdings LLC grew its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 101.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 608,360 shares of the company's stock after purchasing an additional 306,458 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of Fastenal worth $25,551,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Patton Fund Management Inc. purchased a new stake in Fastenal in the 2nd quarter worth approximately $229,000. Values First Advisors Inc. boosted its position in Fastenal by 183.0% in the 2nd quarter. Values First Advisors Inc. now owns 9,378 shares of the company's stock worth $394,000 after purchasing an additional 6,064 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after buying an additional 1,850,871 shares in the last quarter. Picton Mahoney Asset Management grew its stake in Fastenal by 7.5% in the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company's stock valued at $14,074,000 after acquiring an additional 12,721 shares during the period. Finally, KLP Kapitalforvaltning AS grew its stake in Fastenal by 3.9% in the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock valued at $15,180,000 after acquiring an additional 7,400 shares during the period. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insider Buying and Selling

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction on Friday, August 8th. The stock was 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 of the company's stock, valued at $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hsenghung Sam Hsu bought 1,000 shares of the business's stock in a transaction on Thursday, October 16th. The stock was bought at an average cost of $42.45 per share, with a total value of $42,450.00. Following the completion of the purchase, the director directly owned 9,000 shares in the company, valued at approximately $382,050. The trade was a 12.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 90,178 shares of company stock valued at $4,336,603 over the last 90 days. Insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

FAST has been the topic of a number of research analyst reports. Barclays set a $45.00 price target on shares of Fastenal and gave the company an "equal weight" rating in a research note on Tuesday. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research note on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Stephens lifted their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Fastenal in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $46.50.

Fastenal Trading Up 1.2%

Shares of FAST stock opened at $42.46 on Friday. The stock's fifty day moving average is $47.83 and its two-hundred day moving average is $44.03. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.26. The firm has a market capitalization of $48.73 billion, a P/E ratio of 39.68, a PEG ratio of 3.87 and a beta of 0.94. Fastenal Company has a fifty-two week low of $35.31 and a fifty-two week high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The firm had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.13 billion. Fastenal had a net margin of 15.34% and a return on equity of 32.69%. The company's revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 EPS. Research analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date is Tuesday, October 28th. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. Fastenal's dividend payout ratio (DPR) is presently 82.24%.

About Fastenal

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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