CX Institutional Purchases 186,381 Shares of Fastenal Company $FAST

Key Points

• CX Institutional increased its Fastenal stake by 1,073.1% in the third quarter, purchasing 186,381 additional shares and bringing its total holdings to 203,749 shares valued at approximately $10.1 million.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while earnings of $0.33 per share matched analyst expectations. The company also raised its quarterly dividend from $0.24 to $0.26, implying a 2.0% annualized yield.
• Fastenal shares recently traded at $50.75, while analysts maintained a consensus “Hold” rating with an average price target of $49.50; two directors also sold shares during the period.

CX Institutional raised its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 1,073.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 203,749 shares of the company's stock after acquiring an additional 186,381 shares during the quarter. CX Institutional's holdings in Fastenal were worth $10,092,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Fastenal in the 2nd quarter valued at about $26,000. Evergreen Advisors LLC bought a new stake in Fastenal in the first quarter worth approximately $26,000. Palladiem LLC acquired a new position in Fastenal in the fourth quarter valued at approximately $25,000. MV Capital Management Inc. bought a new position in shares of Fastenal during the 4th quarter worth approximately $29,000. Finally, Raleigh Capital Management Inc. boosted its holdings in shares of Fastenal by 69.6% during the 1st quarter. Raleigh Capital Management Inc. now owns 748 shares of the company's stock worth $35,000 after buying an additional 307 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Up 1.1%

Shares of NASDAQ FAST traded up $0.53 during trading on Friday, hitting $50.75. The stock had a trading volume of 7,156,864 shares, compared to its average volume of 7,837,801. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $52.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market capitalization of $58.24 billion, a PE ratio of 43.01, a PEG ratio of 3.09 and a beta of 0.69. The firm has a fifty day moving average of $49.86 and a two-hundred day moving average of $47.08.

Fastenal (NASDAQ:FAST - Get Free Report) last announced 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 net margin of 15.45% and a return on equity of 34.03%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. The firm's revenue for the quarter was up 14.7% on a year-over-year basis. As a group, equities research analysts forecast that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The business also recently declared 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 an increase from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal's payout ratio is presently 88.14%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FAST. DA Davidson reiterated a "neutral" rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Barclays reduced their price target on shares of Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a report on Thursday, July 16th. Sanford C. Bernstein reissued an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Robert W. Baird set a $54.00 target price on Fastenal in a research note on Friday, August 7th. Finally, Morgan Stanley boosted their price target on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. Six research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $49.50.

Insider Activity

In other Fastenal news, Director Rita Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director owned 20,000 shares of the company's stock, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares in the company, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by corporate insiders.

Fastenal Profile

Fastenal Company is a distributor of industrial and construction supplies serving businesses, contractors, manufacturers and other organizations. Its product offerings include fasteners such as bolts, nuts and screws, as well as safety equipment, tools, cutting tools, material-handling products, electrical and plumbing supplies, and maintenance and repair items.

The company sells products through a network of branch locations, onsite customer facilities, industrial vending machines and digital platforms.

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