Ethic Inc. Acquires 98,270 Shares of Fastenal Company $FAST

Key Points

• Ethic Inc. has significantly increased its stake in Fastenal Company by purchasing 98,270 additional shares, raising its total holdings by 108.1% to 189,177 shares valued at approximately $7.94 million.
• Fastenal's recent quarterly earnings showed a slight miss with a reported EPS of $0.29, below the consensus estimate of $0.30, although revenues met expectations at $2.13 billion.
• The company announced a quarterly dividend of $0.22 per share, with a dividend yield of 2.1%, highlighting its ongoing commitment to returning value to shareholders.

Ethic Inc. raised its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 108.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 189,177 shares of the company's stock after purchasing an additional 98,270 shares during the quarter. Ethic Inc.'s holdings in Fastenal were worth $7,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of FAST. Oregon Public Employees Retirement Fund grew its stake in shares of Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock worth $3,817,000 after acquiring an additional 130 shares during the period. Welch & Forbes LLC grew its stake in shares of Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock worth $2,559,000 after acquiring an additional 135 shares during the period. Principal Securities Inc. grew its stake in shares of Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company's stock worth $1,142,000 after acquiring an additional 140 shares during the period. Essex Financial Services Inc. grew its stake in shares of Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock worth $688,000 after acquiring an additional 147 shares during the period. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after acquiring an additional 147 shares during the period. Institutional investors own 81.38% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Stifel Nicolaus set a $82.00 price target on Fastenal in a research note on Thursday, July 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Fastenal in a research note on Wednesday, October 8th. Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. JPMorgan Chase & Co. increased their price objective on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. Finally, Robert W. Baird dropped their price objective on Fastenal from $53.00 to $49.00 and set an "outperform" rating on the stock in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $46.50.

Fastenal Stock Performance

NASDAQ:FAST opened at $42.60 on Thursday. The business's 50-day moving average price is $47.50 and its two-hundred day moving average price is $44.09. Fastenal Company has a twelve month low of $35.31 and a twelve month high of $50.63. The stock has a market cap of $48.91 billion, a P/E ratio of 39.81, a PEG ratio of 3.95 and a beta of 0.94. The company has a quick ratio of 2.19, a current ratio of 4.26 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last released 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 net margin of 15.34% and a return on equity of 32.69%. The business had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.13 billion. During the same period in the previous year, the business earned $0.26 EPS. The business's revenue was up 11.7% on a year-over-year basis. As a group, equities analysts predict that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, October 28th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.1%. Fastenal's dividend payout ratio (DPR) is presently 82.24%.

Insiders Place Their Bets

In other news, Director Hsenghung Sam Hsu acquired 1,000 shares of the firm's stock in a transaction that occurred on Thursday, October 16th. The shares were bought at an average cost of $42.45 per share, with a total value of $42,450.00. Following the acquisition, the director owned 9,000 shares in the company, valued at approximately $382,050. This represents a 12.50% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. This 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 sold 90,178 shares of company stock worth $4,336,603. 0.37% of the stock is currently owned by insiders.

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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