Citizens Financial Group Inc. RI Acquires Shares of 20,446 Fastenal Company $FAST

Key Points

• Citizens Financial Group acquired 20,446 Fastenal shares worth approximately $982,000 in the second quarter. Institutional investors and hedge funds collectively own 81.38% of Fastenal.
• Fastenal reported quarterly EPS of $0.33, in line with estimates, while revenue of $2.39 billion exceeded forecasts and increased 14.7% year over year.
• The company raised its quarterly dividend from $0.24 to $0.26 per share, representing an annualized dividend of $1.04 and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $49.17.

Citizens Financial Group Inc. RI acquired a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 20,446 shares of the company's stock, valued at approximately $982,000.

Other hedge funds also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new stake in Fastenal during the 4th quarter worth approximately $25,000. Palladiem LLC acquired a new stake in shares of Fastenal during the fourth quarter worth $25,000. Evergreen Advisors LLC bought a new stake in shares of Fastenal in the first quarter valued at about $26,000. MV Capital Management Inc. acquired a new position in shares of Fastenal during the fourth quarter worth about $29,000. Finally, Field & Main Bank acquired a new position in shares of Fastenal during the fourth quarter worth about $30,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Up 0.1%

Shares of FAST opened at $51.27 on Wednesday. The firm has a market cap of $58.83 billion, a P/E ratio of 43.45, a price-to-earnings-growth ratio of 3.18 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The firm's 50-day simple moving average is $47.67 and its 200 day simple moving average is $46.22.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period last year, the business posted $0.29 earnings per share. On average, analysts forecast that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal's dividend payout ratio is currently 88.14%.

Insider Activity

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at $1,001,000. This trade represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on FAST shares. Barclays dropped their target price on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 16th. Weiss Ratings cut shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Wolfe Research reiterated an "underperform" rating and issued a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Robert W. Baird set a $54.00 price target on shares of Fastenal in a research report on Friday, August 7th. Finally, Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a "buy" rating in a research note on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $49.17.

Fastenal Profile

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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