Corient Private Wealth LP Sells 46,316 Shares of Fastenal Company $FAST

Key Points

• Corient Private Wealth reduced its Fastenal stake by 4.7% in the second quarter, selling 46,316 shares and retaining 942,029 shares worth approximately $45.2 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, matching estimates, while revenue reached $2.39 billion and increased 14.7% year over year. The company also raised its quarterly dividend to $0.26, equivalent to a 2.1% annual yield.
• Fastenal shares opened at $49.32, near the analyst consensus price target of $49.17; analysts’ overall rating is Hold, with six Buy, five Hold, and two Sell recommendations.

Corient Private Wealth LP reduced its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 4.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 942,029 shares of the company's stock after selling 46,316 shares during the period. Corient Private Wealth LP owned approximately 0.08% of Fastenal worth $45,246,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC raised its holdings in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after buying an additional 147 shares in the last quarter. High Net Worth Advisory Group LLC boosted its stake in Fastenal by 2.4% in the second quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company's stock valued at $433,000 after buying an additional 214 shares in the last quarter. Tandem Investment Advisors Inc. boosted its stake in Fastenal by 1.8% in the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after buying an additional 224 shares in the last quarter. Sittner & Nelson LLC grew its position in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company's stock valued at $2,749,000 after acquiring an additional 226 shares during the last quarter. Finally, Sound Income Strategies LLC grew its position in Fastenal by 12.9% in the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after acquiring an additional 232 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Fastenal Price Performance

Shares of FAST opened at $49.32 on Friday. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The business has a 50-day simple moving average of $48.82 and a two-hundred day simple moving average of $46.70. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The stock has a market cap of $56.59 billion, a PE ratio of 41.80, a PEG ratio of 3.08 and a beta of 0.72.

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

Fastenal Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were issued a $0.26 dividend. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. Fastenal's dividend payout ratio (DPR) is 88.14%.

Insider Buying and Selling

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. The trade was a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rita Heise sold 34,964 shares of the company's 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 owned 20,000 shares of the company's stock, valued at approximately $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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Robert W. Baird set a $54.00 target price on shares of Fastenal in a report on Friday, August 7th. Morgan Stanley lifted their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a "buy" rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $49.17.

Fastenal Profile

Fastenal Company NASDAQ: FAST is a distributor of industrial and construction supplies. The company provides fasteners such as bolts, nuts, screws and related hardware, along with safety products, tools, material-handling equipment, welding supplies, janitorial products and other maintenance, repair and operations (MRO) materials.

Fastenal serves manufacturers, construction companies, contractors, government organizations and other commercial customers. Its offerings are delivered through a network of branch locations, customer-specific onsite operations, industrial vending machines, e-commerce platforms and other supply-chain services designed to help customers manage inventory and reduce procurement time.

Founded in 1967 by Bob Kierlin in Winona, Minnesota, Fastenal has expanded from a regional fastener supplier into an international industrial distributor.

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