Fastenal Company $FAST Shares Acquired by Christopher J. Hasenberg Inc

Key Points

• Christopher J. Hasenberg Inc boosted its stake in Fastenal Company by 100% during the second quarter, acquiring an additional 20,694 shares, bringing its total holdings to 41,388 shares valued at approximately $1.74 million.
• Fastenal reported earnings of $0.29 per share for the last quarter, exceeding expectations and reflecting an 8.6% increase in revenue year-over-year, amounting to $2.08 billion.
• Despite recent earnings growth, Fastenal's quarterly dividend was cut to $0.22 per share, leading to an annualized yield of 1.8% and a high payout ratio of 84.62%.

Christopher J. Hasenberg Inc lifted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,388 shares of the company's stock after acquiring an additional 20,694 shares during the period. Fastenal accounts for about 0.6% of Christopher J. Hasenberg Inc's investment portfolio, making the stock its 26th largest position. Christopher J. Hasenberg Inc's holdings in Fastenal were worth $1,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. 1248 Management LLC purchased a new position in Fastenal in the first quarter valued at approximately $36,000. Horizon Financial Services LLC raised its holdings in Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after buying an additional 533 shares during the period. Zions Bancorporation National Association UT purchased a new position in Fastenal in the first quarter valued at approximately $49,000. TruNorth Capital Management LLC purchased a new position in Fastenal in the first quarter valued at approximately $57,000. Finally, Golden State Wealth Management LLC raised its holdings in Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock valued at $58,000 after buying an additional 736 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fastenal

In other news, insider Jeffery Michael Watts sold 48,724 shares of the firm'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 transaction of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares of the company's stock, valued at approximately $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $333,000.14. Following the sale, the executive vice president directly owned 11,994 shares of the company's stock, valued at $583,747.98. The trade was 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 worth $5,288,364 over the last three months. 0.37% of the stock is owned by corporate insiders.

Fastenal Stock Down 0.3%

Shares of FAST traded down $0.13 during mid-day trading on Wednesday, reaching $47.12. 5,126,862 shares of the stock traded hands, compared to its average volume of 5,481,205. The firm has a market cap of $54.08 billion, a price-to-earnings ratio of 45.31, a P/E/G ratio of 4.30 and a beta of 0.97. The stock has a fifty day simple moving average of $47.69 and a 200 day simple moving average of $42.75. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

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

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Wall Street Analyst Weigh In

Several research analysts recently commented on FAST shares. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Wolfe Research restated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. Loop Capital restated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Finally, Stephens lifted their price objective 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. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price 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.