Fastenal Company $FAST Shares Acquired by Progressive Investment Management Corp

Key Points

• Progressive Investment Management Corp increased its stake in Fastenal Company by 98.2%, acquiring an additional 125,767 shares during the second quarter.
• Fastenal recently reported quarterly earnings of $0.29 per share, falling short of the $0.30 consensus estimate, while its revenue for the quarter reached $2.13 billion, matching analyst expectations.
• The company announced a quarterly dividend of $0.22 per share, with an annualized yield of 2.1%, to be paid on November 25th to investors of record.

Progressive Investment Management Corp lifted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 98.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 253,816 shares of the company's stock after purchasing an additional 125,767 shares during the quarter. Fastenal comprises 2.7% of Progressive Investment Management Corp's portfolio, making the stock its 16th largest position. Progressive Investment Management Corp's holdings in Fastenal were worth $10,660,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Oregon Public Employees Retirement Fund raised its position 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 purchasing an additional 130 shares during the period. Welch & Forbes LLC raised its position 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 purchasing an additional 135 shares during the period. Principal Securities Inc. raised its position 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 purchasing an additional 140 shares during the period. Essex Financial Services Inc. raised its position 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 purchasing an additional 147 shares during the period. Finally, Integrated Wealth Concepts LLC increased its position in Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after acquiring an additional 147 shares during the period. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Stock Up 1.2%

Shares of FAST stock opened at $42.46 on Friday. Fastenal Company has a 1 year low of $35.31 and a 1 year high of $50.63. The stock has a market cap of $48.73 billion, a PE ratio of 39.68, a price-to-earnings-growth ratio of 3.83 and a beta of 0.94. The business's fifty day moving average is $47.83 and its 200-day moving average is $44.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.26.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, October 13th. The company reported $0.29 earnings per share (EPS) 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 firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter last year, the business posted $0.26 earnings per share. The firm's revenue for the quarter was up 11.7% compared to the same quarter last year. Equities analysts expect that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Investors of record on Tuesday, October 28th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, October 28th. Fastenal's payout ratio is presently 82.24%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FAST shares. Northcoast Research started coverage on Fastenal in a research note on Thursday, August 21st. They set a "neutral" rating on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fastenal in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $46.50.

Insider Buying and Selling

In related news, Director Hsenghung Sam Hsu bought 1,000 shares of the firm's stock in a transaction that occurred on Thursday, October 16th. The shares were acquired at an average cost of $42.45 per share, for a total transaction of $42,450.00. Following the acquisition, the director directly owned 9,000 shares of the company's stock, valued at $382,050. The trade was a 12.50% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,178 shares of company stock valued at $4,336,603. Insiders own 0.37% of the company's stock.

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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