Confluence Wealth Services Inc. Boosts Stock Position in Fastenal Company $FAST

Key Points

• Confluence Wealth Services Inc. increased its holdings in Fastenal Company by 102.2% in the second quarter, owning 35,959 shares worth $1,510,000.
• Fastenal reported earnings of $0.29 per share, exceeding analysts' expectations of $0.28, with a revenue of $2.08 billion for the quarter.
• Fastenal has recently restated its quarterly dividend at $0.22 per share, with a dividend yield of 1.8% and a payout ratio of 84.62%.

Confluence Wealth Services Inc. grew its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 102.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,959 shares of the company's stock after purchasing an additional 18,171 shares during the quarter. Confluence Wealth Services Inc.'s holdings in Fastenal were worth $1,510,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Riverview Trust Co raised its stake in shares of Fastenal by 100.0% during the second quarter. Riverview Trust Co now owns 584 shares of the company's stock worth $25,000 after acquiring an additional 292 shares in the last quarter. Hilltop National Bank purchased a new position in Fastenal in the 2nd quarter worth $27,000. Armstrong Advisory Group Inc. lifted its stake in Fastenal by 100.0% in the second quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock worth $29,000 after purchasing an additional 348 shares during the last quarter. AdvisorNet Financial Inc grew its stake in shares of Fastenal by 95.0% during the second quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock valued at $29,000 after buying an additional 342 shares during the last quarter. Finally, Clean Yield Group increased its holdings in shares of Fastenal by 100.0% in the second quarter. Clean Yield Group now owns 696 shares of the company's stock worth $29,000 after buying an additional 348 shares during the period. Institutional investors own 81.38% of the company's stock.

Fastenal Trading Down 0.6%

NASDAQ FAST opened at $47.88 on Monday. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The stock's fifty day moving average price is $48.18 and its 200-day moving average price is $43.64. The stock has a market cap of $54.95 billion, a P/E ratio of 46.04, a P/E/G ratio of 4.34 and a beta of 0.94.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. Fastenal's revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. As a group, equities analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors 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 annualized dividend and a dividend yield of 1.8%. Fastenal's dividend payout ratio (DPR) is 84.62%.

Analysts Set New Price Targets

FAST has been the subject of several analyst reports. Loop Capital restated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a report on Saturday, September 27th. 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 reissued a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $46.82.

Insider Activity

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 in the last quarter. Insiders own 0.37% of the company's stock.

Fastenal Company 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.

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