Diversified Trust Co Raises Stake in Fastenal Company $FAST

Key Points

• Diversified Trust Co increased its stake in Fastenal Company by 98.8% in the second quarter, owning 21,814 shares valued at $916,000.
• Insiders have recently sold a total of 111,230 shares valued at over $5 million within the last 90 days, indicating significant selling pressure among executives.
• Fastenal reported a net margin of 15.30% and revenue of $2.08 billion for the recent quarter, surpassing analyst estimates and marking an 8.6% increase year-over-year.

Diversified Trust Co grew its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 98.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,814 shares of the company's stock after purchasing an additional 10,841 shares during the quarter. Diversified Trust Co's holdings in Fastenal were worth $916,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FAST. Garde Capital Inc. raised its holdings in Fastenal by 4,900.0% during the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock worth $32,000 after purchasing an additional 735 shares in the last quarter. 1248 Management LLC acquired a new stake in Fastenal during the first quarter worth approximately $36,000. Horizon Financial Services LLC raised its holdings in Fastenal by 5,330.0% during the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares in the last quarter. Carderock Capital Management Inc. acquired a new stake in Fastenal during the second quarter worth approximately $42,000. Finally, Zions Bancorporation National Association UT acquired a new stake in Fastenal during the first quarter worth approximately $49,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

In related news, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% 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 over the last 90 days. 0.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FAST has been the topic of a number of recent research reports. Stephens lifted their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $46.82.

Fastenal Price Performance

Fastenal stock opened at $47.12 on Tuesday. Fastenal Company has a 52 week low of $34.69 and a 52 week high of $50.63. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The firm's 50-day simple moving average is $47.89 and its 200 day simple moving average is $43.00. The firm has a market capitalization of $54.08 billion, a PE ratio of 45.31, a P/E/G ratio of 4.33 and a beta of 0.97.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.07 billion. During the same period in the previous year, the firm earned $0.25 EPS. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. On average, equities research analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. Fastenal's payout ratio is currently 84.62%.

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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