Fastenal Company $FAST Shares Acquired by Brown Miller Wealth Management LLC

Key Points

• Brown Miller Wealth Management LLC doubled its position in Fastenal, acquiring an additional 13,902 shares in Q2, bringing its total holdings to 27,804 shares valued at $1,168,000.
• Institutional investors now own 81.38% of Fastenal's stock, reflecting significant interest from large investment firms in the company.
• Fastenal's stock has seen fluctuations, with a recent price of $47.88, and the company reported Q2 earnings that exceeded estimates, announcing a net margin of 15.30% and revenue growth of 8.6% year-over-year.

Brown Miller Wealth Management LLC increased its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,804 shares of the company's stock after purchasing an additional 13,902 shares during the quarter. Brown Miller Wealth Management LLC's holdings in Fastenal were worth $1,168,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. grew its stake in Fastenal by 8.9% in 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 acquiring an additional 1,850,871 shares during the last quarter. Congress Asset Management Co. acquired a new position in shares of Fastenal during the 2nd quarter worth approximately $73,733,000. Confluence Investment Management LLC lifted its stake in Fastenal by 97.5% in the 2nd quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company's stock valued at $137,760,000 after buying an additional 1,619,507 shares in the last quarter. Nuveen LLC acquired a new stake in Fastenal during the 1st quarter valued at $119,136,000. Finally, Champlain Investment Partners LLC increased its position in Fastenal by 266.4% during the first quarter. Champlain Investment Partners LLC now owns 1,824,055 shares of the company's stock worth $141,455,000 after buying an additional 1,326,260 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Ratings Changes

FAST has been the topic of several recent research reports. Morgan Stanley set a $40.00 price objective on Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. Northcoast Research initiated coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a "neutral" rating on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Fastenal in a report on Saturday, September 27th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Stephens raised their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have assigned 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.

Insider Activity

In other Fastenal news, insider Jeffery Michael Watts sold 48,724 shares of the company'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 completion of the transaction, the insider directly owned 11,880 shares of the company's stock, valued at $570,834. This represents a 80.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares of the company's stock, valued at $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is currently owned by company insiders.

Fastenal Stock Down 0.6%

Shares of NASDAQ FAST opened at $47.88 on Friday. The stock has a fifty day moving average price of $48.18 and a 200 day moving average price of $43.60. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63. The company has a market cap of $54.95 billion, a P/E ratio of 46.04, a P/E/G ratio of 4.34 and a beta of 0.94.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the prior year, the business earned $0.25 earnings per share. The company's revenue was up 8.6% compared to the same quarter last year. Research analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. Fastenal's dividend payout ratio (DPR) is currently 84.62%.

Fastenal 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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