Confluence Investment Management LLC Trims Holdings in Fastenal Company $FAST

Confluence Investment Management LLC lessened its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 4.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,829,738 shares of the company's stock after selling 136,984 shares during the quarter. Fastenal accounts for 2.1% of Confluence Investment Management LLC's investment portfolio, making the stock its 6th biggest position. Confluence Investment Management LLC owned 0.25% of Fastenal worth $135,912,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FAST. Elyxium Wealth LLC purchased a new stake in Fastenal during the 4th quarter valued at about $25,000. Palladiem LLC purchased a new position in Fastenal in the 4th quarter worth approximately $25,000. Evergreen Advisors LLC purchased a new position in Fastenal in the 1st quarter worth approximately $26,000. MV Capital Management Inc. bought a new stake in Fastenal in the fourth quarter valued at approximately $29,000. Finally, Field & Main Bank bought a new stake in Fastenal in the fourth quarter valued at approximately $30,000. 81.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Weiss Ratings cut shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. Wolfe Research reiterated an "underperform" rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Fastenal from $46.00 to $47.00 and gave the company a "neutral" rating in a research report on Thursday, April 9th. Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Finally, Robert W. Baird decreased their price objective on shares of Fastenal from $52.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 14th. 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 company's stock. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $48.83.

Fastenal Price Performance

Shares of Fastenal stock opened at $48.11 on Tuesday. The business has a 50 day moving average of $46.39 and a 200 day moving average of $45.64. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $50.63. The company has a market cap of $55.21 billion, a PE ratio of 40.77, a P/E/G ratio of 2.99 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

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, meeting analysts' consensus estimates of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the firm earned $0.29 EPS. The company's quarterly revenue was up 14.7% compared to the same quarter last year. As a group, equities research analysts forecast that Fastenal Company will post 1.25 earnings per share for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. This is an increase from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, July 28th. Fastenal's dividend payout ratio is presently 88.14%.

Insider Activity

In related news, Director Michael J. Ancius sold 3,000 shares of the 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 completion of the transaction, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.28% of the stock is owned by corporate insiders.

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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