Ascent Group LLC Boosts Position in Fastenal Company $FAST

Key Points

• Ascent Group LLC increased its stake in Fastenal by 42.0% during the first quarter, holding shares now valued at approximately $2.78 million.
• The company reported a quarterly EPS of $0.29, exceeding analysts' expectations, and recorded revenue growth of 8.6% year-over-year.
• 81.38% of Fastenal's stock is owned by institutional investors, indicating strong confidence in the company among major financial entities.

Ascent Group LLC lifted its position in Fastenal Company (NASDAQ:FAST - Free Report) by 42.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,846 shares of the company's stock after purchasing an additional 10,595 shares during the quarter. Ascent Group LLC's holdings in Fastenal were worth $2,780,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund grew its stake in shares of Fastenal by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after buying an additional 130 shares during the period. Welch & Forbes LLC lifted its holdings in Fastenal by 0.4% in the first quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock valued at $2,559,000 after acquiring an additional 135 shares during the last quarter. Principal Securities Inc. grew its position in Fastenal by 0.9% in the first 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. Salvus Wealth Management LLC increased its stake in Fastenal by 1.6% during the first quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company's stock worth $698,000 after acquiring an additional 141 shares during the last quarter. Finally, Essex Financial Services Inc. raised its position in Fastenal by 1.7% in the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock valued at $688,000 after purchasing an additional 147 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction that occurred on 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 trade represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock valued at $5,288,364 over the last three months. 0.37% of the stock is currently owned by corporate insiders.

Fastenal Stock Up 0.3%

Shares of NASDAQ:FAST traded up $0.12 during trading on Friday, hitting $47.45. The company's stock had a trading volume of 5,506,469 shares, compared to its average volume of 5,565,287. Fastenal Company has a fifty-two week low of $34.67 and a fifty-two week high of $50.63. The business has a 50 day moving average price of $47.42 and a two-hundred day moving average price of $42.54. 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 company has a market capitalization of $54.46 billion, a PE ratio of 45.63, a P/E/G ratio of 4.30 and a beta of 0.97.

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

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. JPMorgan Chase & Co. upped their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, September 4th. Northcoast Research initiated coverage on shares of Fastenal in a research report on Thursday, August 21st. They set a "neutral" rating for the company. Morgan Stanley set a $40.00 price target on shares of Fastenal and gave the company an "equal weight" rating in a research note on Thursday, July 3rd. Finally, Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Fastenal currently has an average rating of "Hold" and an average target price 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.