Dearborn Partners LLC Acquires New Position in Fastenal Company $FAST

Key Points

• Dearborn Partners acquired 377,076 Fastenal shares in the second quarter, valued at approximately $17.5 million. Institutional investors collectively own 81.38% of the company.
• Analysts remain mixed, with Fastenal carrying a consensus “Hold” rating and an average price target of $49.17, below the reported opening price of $51.28.
• Fastenal reported quarterly EPS of $0.33 and revenue of $2.39 billion, while revenue increased 14.7% year over year. The company also raised its quarterly dividend from $0.24 to $0.26 per share, yielding approximately 2.0% annually.

Dearborn Partners LLC acquired a new stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 377,076 shares of the company's stock, valued at approximately $17,496,000.

Several other large investors have also bought and sold shares of FAST. Brighton Jones LLC bought a new position in shares of Fastenal in the fourth quarter worth approximately $496,000. Integrated Wealth Concepts LLC increased its position in shares of Fastenal by 2.4% during the first quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after acquiring an additional 147 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Fastenal during the second quarter valued at approximately $158,000. Jump Financial LLC purchased a new position in Fastenal in the 2nd quarter worth approximately $2,199,000. Finally, Cary Street Partners Financial LLC raised its holdings in Fastenal by 111.0% in the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock worth $141,000 after acquiring an additional 1,771 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the business's 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. This represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.28% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Weiss Ratings downgraded Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Jefferies Financial Group restated a "buy" rating on shares of Fastenal in a research note on Thursday, June 4th. Morgan Stanley upped their price target on Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. DA Davidson reaffirmed a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $49.17.

Fastenal Price Performance

Shares of FAST opened at $51.28 on Tuesday. The firm has a market cap of $58.84 billion, a PE ratio of 43.46, a P/E/G ratio of 3.20 and a beta of 0.72. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $48.06 and a two-hundred day simple moving average of $46.41. Fastenal Company has a 1-year low of $38.97 and a 1-year high of $52.92.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. The firm had revenue of $2.39 billion for the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company's revenue was up 14.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS. On average, equities analysts anticipate that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a $0.26 dividend. This is a positive change from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. Fastenal's dividend payout ratio is currently 88.14%.

About Fastenal

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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