Confluence Investment Management LLC Sells 121,848 Shares of Fastenal Company $FAST

Key Points

• Confluence Investment Management sold 121,848 Fastenal shares (a 3.8% reduction), leaving it with 3,093,116 shares—about 0.27% of Fastenal and representing 1.9% of Confluence’s portfolio (Fastenal is its 14th largest holding, valued at ~$124.1M).
• Fastenal reported Q results of $0.26 EPS (in line with estimates) on $2.03B revenue (slightly below expectations), while the company raised its quarterly dividend to $0.24 (annualized $0.96, ~2.2% yield).
• The stock has a consensus "Hold" rating with a $48.83 target (5 Buy, 6 Hold, 2 Sell), institutional ownership is ~81.38%, and insiders have recently sold shares (e.g., Reyne K. Wisecup 36,920 shares; Scott Satterlee 15,964 shares).

Confluence Investment Management LLC lowered its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 3.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,093,116 shares of the company's stock after selling 121,848 shares during the period. Fastenal accounts for 1.9% of Confluence Investment Management LLC's portfolio, making the stock its 14th largest position. Confluence Investment Management LLC owned 0.27% of Fastenal worth $124,127,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of FAST. Brighton Jones LLC bought a new position in Fastenal in the 4th quarter valued at $496,000. Integrated Wealth Concepts LLC increased its stake in shares of Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after buying an additional 147 shares during the period. Cetera Investment Advisers raised its position in shares of Fastenal by 91.0% during the second quarter. Cetera Investment Advisers now owns 333,892 shares of the company's stock worth $14,023,000 after acquiring an additional 159,045 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Fastenal by 64.5% during the second quarter. Intech Investment Management LLC now owns 56,882 shares of the company's stock valued at $2,389,000 after acquiring an additional 22,308 shares during the period. Finally, Avantax Advisory Services Inc. lifted its stake in shares of Fastenal by 131.1% during the second quarter. Avantax Advisory Services Inc. now owns 98,823 shares of the company's stock valued at $4,151,000 after acquiring an additional 56,056 shares during the period. Institutional investors own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Raymond James Financial set a $48.00 price objective on Fastenal in a research report on Thursday, March 5th. Sanford C. Bernstein reaffirmed an "underperform" rating on shares of Fastenal in a research note on Wednesday, January 21st. UBS Group reiterated a "neutral" rating and set a $46.00 price target on shares of Fastenal in a research report on Wednesday, January 21st. Weiss Ratings reissued a "buy (b-)" rating on shares of Fastenal in a research note on Monday, December 29th. Finally, Jefferies Financial Group set a $52.00 price objective on shares of Fastenal and gave the company a "buy" rating in a report on Monday, December 15th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $48.83.

Fastenal Price Performance

Shares of FAST opened at $44.49 on Friday. The company has a current ratio of 4.85, a quick ratio of 2.41 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The stock has a market cap of $51.09 billion, a P/E ratio of 40.45, a price-to-earnings-growth ratio of 2.87 and a beta of 0.88. The stock's 50-day moving average price is $45.23 and its two-hundred day moving average price is $44.05.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Tuesday, January 20th. The company reported $0.26 EPS for the quarter, meeting analysts' consensus estimates of $0.26. The company had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.04 billion. Fastenal had a return on equity of 32.83% and a net margin of 15.35%.Fastenal's revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.46 EPS. On average, equities analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, January 29th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.2%. This is a boost from Fastenal's previous quarterly dividend of $0.22. The ex-dividend date was Thursday, January 29th. Fastenal's dividend payout ratio (DPR) is 87.27%.

Insider Buying and Selling at Fastenal

In related news, Director Reyne K. Wisecup sold 36,920 shares of the company's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $47.34, for a total value of $1,747,792.80. Following the completion of the sale, the director owned 40,000 shares in the company, valued at $1,893,600. This represents a 48.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Satterlee sold 15,964 shares of the firm's stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $44.19, for a total value of $705,449.16. Following the sale, the director directly owned 50,000 shares in the company, valued at $2,209,500. The trade was a 24.20% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company's stock.

About Fastenal

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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