Courier Capital LLC Has $1.56 Million Position in Fastenal Company $FAST

Key Points

• Courier Capital LLC doubled its stake in Fastenal Company, increasing its holdings to 37,012 shares valued at approximately $1.56 million.
• The company's CFO sold over 21,000 shares recently, indicating a significant decrease in personal ownership by 67.38%.
• Fastenal reported a missed earnings estimate with $0.29 EPS, slightly below the expected $0.30, while also announcing a quarterly dividend of $0.22 per share.

Courier Capital LLC lifted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,012 shares of the company's stock after acquiring an additional 18,506 shares during the period. Courier Capital LLC's holdings in Fastenal were worth $1,555,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Patton Fund Management Inc. bought a new stake in shares of Fastenal in the second quarter valued at about $229,000. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after acquiring an additional 1,850,871 shares during the last quarter. Picton Mahoney Asset Management grew its stake in shares of Fastenal by 7.5% during the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company's stock worth $14,074,000 after acquiring an additional 12,721 shares in the last quarter. KLP Kapitalforvaltning AS raised its holdings in shares of Fastenal by 3.9% in the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock valued at $15,180,000 after purchasing an additional 7,400 shares during the last quarter. Finally, Raiffeisen Bank International AG lifted its position in shares of Fastenal by 21.5% in the first quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company's stock worth $2,712,000 after purchasing an additional 6,303 shares in the last quarter. 81.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of the company's stock in a transaction that occurred on Friday, August 15th. The shares were 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 directly owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,230 shares of company stock worth $5,288,364 in the last three months. 0.37% of the stock is owned by corporate insiders.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $42.75 on Wednesday. The business's 50 day moving average price is $48.15 and its two-hundred day moving average price is $43.96. The company has a market cap of $49.06 billion, a PE ratio of 39.95, a price-to-earnings-growth ratio of 3.84 and a beta of 0.94. The company has a quick ratio of 2.12, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing analysts' consensus estimates of $0.30 by ($0.01). The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Fastenal had a return on equity of 32.69% and a net margin of 15.34%.Fastenal's quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $0.26 EPS. On average, analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, October 28th. Fastenal's payout ratio is 84.62%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FAST shares. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Northcoast Research assumed coverage on Fastenal in a report on Thursday, August 21st. They set a "neutral" rating on the stock. Finally, Barclays set a $45.00 target price on Fastenal and gave the stock an "equal weight" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $46.50.

About Fastenal

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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