Fastenal Company $FAST Shares Acquired by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB doubled its stake in Fastenal, acquiring 23,800 additional shares during Q2, bringing its total holdings to 47,600 shares valued at approximately $1.999 million.
• Fastenal reported earnings of $0.29 per share for the last quarter, surpassing expectations of $0.28, with revenues reaching $2.08 billion, a year-over-year increase of 8.6%.
• Insider selling was significant, with the CFO selling over 21,000 shares at an average price of $45.21, resulting in a 67.38% decrease in their ownership position.

E. Ohman J or Asset Management AB lifted its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,600 shares of the company's stock after acquiring an additional 23,800 shares during the quarter. E. Ohman J or Asset Management AB's holdings in Fastenal were worth $1,999,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Garde Capital Inc. lifted its holdings in shares of Fastenal by 4,900.0% during the 2nd quarter. Garde Capital Inc. now owns 750 shares of the company's stock valued at $32,000 after acquiring an additional 735 shares in the last quarter. 1248 Management LLC acquired a new position in shares of Fastenal during the 1st quarter valued at $36,000. Horizon Financial Services LLC lifted its holdings in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after acquiring an additional 533 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in Fastenal during the 1st quarter worth $49,000. Finally, TruNorth Capital Management LLC purchased a new stake in Fastenal during the 1st quarter worth $57,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Price Performance

FAST opened at $47.76 on Tuesday. The company has a 50-day moving average of $47.52 and a 200-day moving average of $42.68. The company has a market capitalization of $54.81 billion, a P/E ratio of 45.92, a PEG ratio of 4.32 and a beta of 0.97. Fastenal Company has a 1-year low of $34.69 and a 1-year 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.

Fastenal (NASDAQ:FAST - Get Free Report) last released 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. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The company's revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 EPS. Equities analysts expect 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 dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio is currently 84.62%.

Insider Buying and Selling at Fastenal

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the sale, the insider directly owned 11,880 shares of the company's stock, valued at approximately $570,834. This represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,230 shares of company stock worth $5,288,364 in the last quarter. 0.37% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FAST has been the topic of several analyst reports. Northcoast Research initiated coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a "neutral" rating on the stock. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research note on Thursday, July 3rd. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. 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, Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $46.82.

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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