Covenant Asset Management LLC Acquires 14,829 Shares of Fastenal Company $FAST

Key Points

• Covenant Asset Management LLC has significantly increased its stake in Fastenal by 98.7%, now owning a total of 29,858 shares valued at approximately $1.25 million.
• Insider trading was notable, with CFO Sheryl Ann Lisowski selling 21,052 shares, marking a 67.38% decrease in her ownership, and EVP William Joseph Drazkowski selling 6,842 shares, representing a 36.32% decrease.
• Fastenal reported a quarterly earnings beat with $0.29 EPS, exceeding analysts' expectations, and declared a quarterly dividend of $0.22 per share, yielding 1.8% annually.

Covenant Asset Management LLC increased its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 98.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 29,858 shares of the company's stock after acquiring an additional 14,829 shares during the quarter. Covenant Asset Management LLC's holdings in Fastenal were worth $1,254,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Armstrong Advisory Group Inc. grew its position in Fastenal by 100.0% in the 2nd 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 lifted its stake in shares of Fastenal by 95.0% in 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 period. Clean Yield Group grew its position in Fastenal by 100.0% during the second quarter. Clean Yield Group now owns 696 shares of the company's stock worth $29,000 after buying an additional 348 shares in the last quarter. Garde Capital Inc. increased its stake in Fastenal by 4,900.0% during the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock valued at $32,000 after acquiring an additional 735 shares during the period. Finally, SJS Investment Consulting Inc. increased its stake in Fastenal by 86.3% during the second quarter. SJS Investment Consulting Inc. now owns 842 shares of the company's stock valued at $35,000 after acquiring an additional 390 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction 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. The trade was 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 hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction 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 sale, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FAST has been the subject of a number of research reports. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research note on Thursday, July 3rd. Finally, Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and an average price target of $46.82.

Fastenal Stock Up 1.8%

FAST opened at $48.70 on Monday. The firm has a market cap of $55.89 billion, a price-to-earnings ratio of 46.83, a PEG ratio of 4.43 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The firm's 50-day simple moving average is $48.07 and its 200-day simple moving average is $43.27. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63.

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

Fastenal Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is currently 84.62%.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.