Fastenal Company $FAST Shares Bought by Cigna Investments Inc. New

Key Points

• Cigna Investments Inc. increased its holdings in Fastenal by 95.8% during the 2nd quarter, bringing its total shares owned to 11,248, valued at $472,000.
• Fastenal reported a quarterly EPS of $0.29, beating analysts' expectations, and its revenue increased 8.6% year-over-year, totaling $2.08 billion.
• The company recently paid a quarterly dividend of $0.22 per share, with a dividend yield of 1.9% and a payout ratio of 84.62%.

Cigna Investments Inc. New grew its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 95.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,248 shares of the company's stock after acquiring an additional 5,503 shares during the period. Cigna Investments Inc. New's holdings in Fastenal were worth $472,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Oregon Public Employees Retirement Fund grew its stake in shares of Fastenal by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after acquiring an additional 130 shares in the last quarter. 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 worth $2,559,000 after acquiring an additional 135 shares during the last quarter. Principal Securities Inc. lifted its holdings 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 last quarter. Salvus Wealth Management LLC lifted its holdings in Fastenal by 1.6% in 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. lifted its holdings in Fastenal by 1.7% in the first quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock worth $688,000 after acquiring an additional 147 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

NASDAQ FAST opened at $47.54 on Thursday. 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 current ratio of 4.22 and a quick ratio of 2.12. The firm has a market capitalization of $54.56 billion, a PE ratio of 45.71, a P/E/G ratio of 4.36 and a beta of 0.97. The company's 50 day simple moving average is $47.98 and its 200 day simple moving average is $43.07.

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. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter last year, the business earned $0.25 earnings per share. The business's revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts forecast 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. Investors of record on Tuesday, July 29th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is currently 84.62%.

Analysts Set New Price Targets

FAST has been the topic of a number of recent research reports. Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. Finally, Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. One investment 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 stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $46.82.

Insider Activity at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the transaction, the insider owned 11,880 shares in the company, valued at approximately $570,834. This trade represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock worth $5,288,364 over the last ninety days. 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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