Dudley & Shanley Inc. Raises Holdings in Fastenal Company $FAST

Key Points

• Dudley & Shanley increased its Fastenal position by 160.7% in the second quarter, adding 291,190 shares to hold 472,440 shares valued at $22.7 million. Institutional investors collectively own 81.38% of the stock.
• Analyst sentiment remains mixed, with a consensus “Hold” rating from 13 analysts and an average price target of $49.17. Fastenal shares opened at $51.84, near their 12-month high of $51.90.
• Fastenal matched quarterly earnings expectations at $0.33 per share and exceeded revenue estimates with $2.39 billion, up 14.7% year over year. The company also raised its quarterly dividend from $0.24 to $0.26 per share, a 2.0% annualized yield.

Dudley & Shanley Inc. lifted its position in Fastenal Company (NASDAQ:FAST - Free Report) by 160.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 472,440 shares of the company's stock after purchasing an additional 291,190 shares during the quarter. Fastenal comprises about 3.4% of Dudley & Shanley Inc.'s investment portfolio, making the stock its 13th biggest position. Dudley & Shanley Inc.'s holdings in Fastenal were worth $22,691,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Elyxium Wealth LLC purchased a new position in shares of Fastenal in the fourth quarter valued at $25,000. Palladiem LLC bought a new position in Fastenal during the fourth quarter valued at $25,000. Evergreen Advisors LLC bought a new position in Fastenal during the first quarter valued at $26,000. MV Capital Management Inc. purchased a new position in shares of Fastenal in the 4th quarter worth $29,000. Finally, Field & Main Bank purchased a new position in shares of Fastenal in the 4th quarter worth $30,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FAST has been the topic of several recent research reports. DA Davidson restated a "neutral" rating and set a $46.00 target price on shares of Fastenal in a research report on Wednesday, July 15th. Weiss Ratings lowered Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Rothschild & Co Redburn set a $55.00 price objective on Fastenal and gave the stock a "buy" rating in a research note on Monday, July 13th. Bank of America upped their price objective on Fastenal from $48.00 to $55.00 in a research report on Monday, April 13th. Finally, Wolfe Research reaffirmed an "underperform" rating and issued a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $49.17.

Insider Buying and Selling

In other Fastenal news, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction on 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 owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is currently owned by company insiders.

Fastenal Price Performance

FAST stock opened at $51.84 on Monday. Fastenal Company has a 12 month low of $38.97 and a 12 month high of $51.90. 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 company has a 50-day moving average price of $46.87 and a 200 day moving average price of $45.84. The stock has a market cap of $59.49 billion, a PE ratio of 43.93, a P/E/G ratio of 3.24 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, hitting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm's revenue for the quarter was up 14.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 EPS. Equities research analysts anticipate that Fastenal Company will post 1.26 earnings per share for the current year.

Fastenal Increases Dividend

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

Fastenal Company Profile

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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