Cullinan Associates Inc. Acquires 61,353 Shares of Fastenal Company $FAST

Key Points

• Cullinan Associates Inc. increased its holdings in Fastenal Company by 110% during the 2nd quarter, acquiring an additional 61,353 shares, bringing their total to 117,130 shares valued at approximately $4.9 million.
• Fastenal reported a quarterly earnings per share of $0.29, surpassing the consensus estimate of $0.28, with revenues rising 8.6% year-over-year to $2.08 billion.
• Fastenal's recent quarterly dividend was set at $0.22 per share, reflecting an annualized yield of 1.8%, amid a dividend payout ratio of 84.62%.

Cullinan Associates Inc. increased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 110.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,130 shares of the company's stock after buying an additional 61,353 shares during the period. Cullinan Associates Inc.'s holdings in Fastenal were worth $4,919,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new position in shares of Fastenal during the fourth quarter worth $496,000. NBC Securities Inc. grew its stake in shares of Fastenal by 174,400.0% in the first quarter. NBC Securities Inc. now owns 1,745 shares of the company's stock worth $135,000 after purchasing an additional 1,744 shares during the last quarter. Procyon Advisors LLC grew its stake in shares of Fastenal by 4.3% in the first quarter. Procyon Advisors LLC now owns 12,574 shares of the company's stock worth $975,000 after purchasing an additional 524 shares during the last quarter. Gateway Investment Advisers LLC grew its stake in shares of Fastenal by 18.6% in the first quarter. Gateway Investment Advisers LLC now owns 18,972 shares of the company's stock worth $1,471,000 after purchasing an additional 2,980 shares during the last quarter. Finally, Wedmont Private Capital grew its stake in shares of Fastenal by 18.7% in the first quarter. Wedmont Private Capital now owns 8,644 shares of the company's stock worth $697,000 after purchasing an additional 1,363 shares during the last quarter. 81.38% of the stock is owned by institutional investors.

Fastenal Stock Performance

NASDAQ FAST opened at $47.88 on Monday. The company has a fifty day simple moving average of $48.18 and a 200 day simple moving average of $43.64. 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 company has a market cap of $54.95 billion, a P/E ratio of 46.04, a PEG ratio of 4.34 and a beta of 0.94.

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

Fastenal Cuts Dividend

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

Insider Buying and Selling

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 transaction, the executive vice president owned 11,994 shares in the company, 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. Insiders have sold a total of 111,230 shares of company stock valued at $5,288,364 in the last 90 days. Insiders own 0.37% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Robert W. Baird upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a report on Thursday, July 3rd. Wolfe Research restated a "positive" rating on shares of Fastenal in a 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 investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $46.82.

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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