Diversified Investment Strategies LLC Has $6.61 Million Stake in Fastenal Company $FAST

Key Points

• Diversified Investment Strategies LLC increased its stake in Fastenal Company by 98.2% in Q2, holding approximately $6.61 million worth of shares, making Fastenal its 6th largest holding.
• Fastenal recently declared a quarterly dividend of $0.22 per share, translating to an annualized dividend yield of 2.1%.
• Despite revenue of $2.13 billion in its last quarter, Fastenal reported earnings per share of $0.29, missing estimates slightly.

Diversified Investment Strategies LLC increased its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 98.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 157,290 shares of the company's stock after acquiring an additional 77,920 shares during the period. Fastenal comprises about 4.5% of Diversified Investment Strategies LLC's holdings, making the stock its 6th largest holding. Diversified Investment Strategies LLC's holdings in Fastenal were worth $6,606,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in Fastenal by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock valued at $5,685,754,000 after purchasing an additional 1,016,479 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock valued at $1,753,864,000 after purchasing an additional 1,850,871 shares during the last quarter. Baird Financial Group Inc. raised its position in Fastenal by 1.7% during the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock valued at $652,875,000 after purchasing an additional 142,972 shares during the last quarter. Blair William & Co. IL raised its position in Fastenal by 107.2% during the 2nd quarter. Blair William & Co. IL now owns 6,822,973 shares of the company's stock valued at $286,565,000 after purchasing an additional 3,530,339 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Fastenal by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after purchasing an additional 168,830 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Insider Transactions at Fastenal

In other 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 value of $1,662,414.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,230 shares of company stock valued at $5,288,364. Corporate insiders own 0.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FAST. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. Wolfe Research reissued 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. Barclays set a $45.00 target price on Fastenal and gave the stock an "equal weight" rating in a research report on Tuesday. Finally, Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and a consensus target price of $46.50.

Fastenal Stock Performance

Fastenal stock opened at $42.75 on Wednesday. The company has a quick ratio of 2.12, a current ratio of 4.26 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $49.06 billion, a P/E ratio of 39.95, a PEG ratio of 3.84 and a beta of 0.94. The stock's 50 day moving average is $48.15 and its 200 day moving average is $43.96. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.01). Fastenal had a return on equity of 32.69% and a net margin of 15.34%.The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.13 billion. During the same quarter in the previous year, the company earned $0.26 EPS. The business's quarterly revenue was up 11.7% on a year-over-year basis. On average, equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Tuesday, October 28th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal's dividend payout ratio (DPR) is 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.

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