Fastenal Company $FAST Shares Bought by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC increased its stake in Fastenal Company by 280.5% during the first quarter, bringing its total holdings to 146,700 shares valued at approximately $11.38 million.
• Several institutional investors, including Charles Schwab and Picton Mahoney, also enhanced their investments in Fastenal, with institutional ownership now standing at 81.38% of the company's stock.
• Fastenal declared a quarterly dividend of $0.22 per share, with a payout ratio of 84.62%, reflecting an annual yield of 1.8%.

Cresset Asset Management LLC lifted its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 280.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 146,700 shares of the company's stock after buying an additional 108,143 shares during the period. Cresset Asset Management LLC's holdings in Fastenal were worth $11,377,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Redmond Asset Management LLC grew its stake in shares of Fastenal by 3.0% in the first quarter. Redmond Asset Management LLC now owns 57,687 shares of the company's stock worth $4,474,000 after purchasing an additional 1,704 shares during the last quarter. Ethic Inc. grew its stake in shares of Fastenal by 4.1% in the first quarter. Ethic Inc. now owns 90,907 shares of the company's stock worth $7,055,000 after purchasing an additional 3,599 shares during the last quarter. Element Capital Management LLC bought a new stake in shares of Fastenal in the first quarter worth about $2,744,000. Aberdeen Group plc grew its stake in shares of Fastenal by 235.7% in the first quarter. Aberdeen Group plc now owns 766,678 shares of the company's stock worth $58,885,000 after purchasing an additional 538,303 shares during the last quarter. Finally, Horizon Investments LLC grew its stake in shares of Fastenal by 3.2% in the first quarter. Horizon Investments LLC now owns 11,535 shares of the company's stock worth $890,000 after purchasing an additional 362 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FAST shares. Robert W. Baird raised Fastenal from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Stephens increased their price target on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, Wolfe Research restated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Fastenal currently has a consensus rating of "Hold" and an average price target of $46.36.

Fastenal Trading Down 0.8%

NASDAQ FAST traded down $0.40 during trading on Thursday, hitting $49.14. The stock had a trading volume of 5,183,274 shares, compared to its average volume of 6,609,717. 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 stock has a market capitalization of $56.40 billion, a price-to-earnings ratio of 47.25, a P/E/G ratio of 4.54 and a beta of 0.95. Fastenal Company has a one year low of $32.04 and a one year high of $50.06. The stock has a 50 day simple moving average of $44.97 and a 200 day simple moving average of $41.14.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The business 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 quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is 84.62%.

Insider Activity

In other news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the sale, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at $460,780.32. This represents a 67.38% 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 ninety days. 0.37% of the stock is currently owned by insiders.

Fastenal 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.