Bridge Creek Capital Management LLC Increases Stake in Fastenal Company $FAST

Key Points

• Bridge Creek Capital Management LLC raised its holdings in Fastenal Company by 98.4% during the second quarter, now owning 156,524 shares valued at approximately $6.57 million.
• Fastenal's most recent earnings report showed an earnings per share of $0.29, beating analyst estimates, with quarterly revenue reaching $2.08 billion.
• Analysts have a consensus target price of $46.82 for Fastenal, with varying ratings from "Strong Buy" to "Sell" issued by different research firms.

Bridge Creek Capital Management LLC lifted its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 98.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 156,524 shares of the company's stock after purchasing an additional 77,637 shares during the period. Fastenal accounts for approximately 1.9% of Bridge Creek Capital Management LLC's holdings, making the stock its 11th largest holding. Bridge Creek Capital Management LLC's holdings in Fastenal were worth $6,574,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in FAST. 1248 Management LLC acquired a new stake in Fastenal in the first quarter worth $36,000. Horizon Financial Services LLC raised its position in shares of Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after purchasing an additional 533 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of Fastenal in the first quarter valued at approximately $49,000. TruNorth Capital Management LLC bought a new stake in Fastenal during the 1st quarter worth approximately $57,000. Finally, Golden State Wealth Management LLC grew its stake in Fastenal by 5,661.5% in the 1st quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after buying an additional 736 shares in the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

NASDAQ FAST traded up $0.36 on Friday, reaching $47.58. The stock had a trading volume of 13,747,553 shares, compared to its average volume of 5,858,801. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The business's 50-day moving average price is $47.84 and its 200 day moving average price is $42.95. The stock has a market cap of $54.60 billion, a P/E ratio of 45.75, a price-to-earnings-growth ratio of 4.33 and a beta of 0.97.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 earnings per share. As a group, equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 annualized dividend and a yield of 1.8%. Fastenal's dividend payout ratio is 84.62%.

Insider Buying and Selling

In other news, EVP William Joseph Drazkowski sold 6,842 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was 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 approximately $583,747.98. This represents a 36.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FAST shares. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. JPMorgan Chase & Co. lifted their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday, September 4th. Finally, Robert W. Baird upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Fastenal currently has a consensus rating of "Hold" and an average price target of $46.82.

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.