Korea Investment CORP Purchases 89,516 Shares of Fastenal Company $FAST

Key Points

• Korea Investment CORP increased its stake in Fastenal by 24.6% during Q1, now owning approximately $35.2 million worth of shares.
• Fastenal reported $0.29 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.28 EPS.
• Despite a recent dividend cut to $0.22 per share, Fastenal maintains a healthy payout ratio of 84.62%.

Korea Investment CORP grew its position in Fastenal Company (NASDAQ:FAST - Free Report) by 24.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 453,990 shares of the company's stock after purchasing an additional 89,516 shares during the period. Korea Investment CORP owned about 0.08% of Fastenal worth $35,207,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Horizon Financial Services LLC increased its stake in Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after buying an additional 533 shares during the last quarter. Itau Unibanco Holding S.A. grew its holdings in shares of Fastenal by 481.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock valued at $44,000 after acquiring an additional 506 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Fastenal during the first quarter valued at approximately $49,000. TruNorth Capital Management LLC bought a new stake in Fastenal during the first quarter worth $57,000. Finally, Golden State Wealth Management LLC boosted its position in Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after purchasing an additional 736 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of FAST traded up $1.25 during trading hours on Friday, hitting $50.39. The company's stock had a trading volume of 5,442,493 shares, compared to its average volume of 5,864,219. The business has a 50 day simple moving average of $45.26 and a two-hundred day simple moving average of $41.35. Fastenal Company has a 52-week low of $32.04 and a 52-week high of $50.60. 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 company has a market cap of $57.83 billion, a price-to-earnings ratio of 48.45, a PEG ratio of 4.59 and a beta of 0.95.

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

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be given a $0.22 dividend. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.7%. Fastenal's payout ratio is 84.62%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FAST. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. JPMorgan Chase & Co. raised their price objective on shares of Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Finally, Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $46.36.

Insider Buying and Selling

In related news, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction 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 sale, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at approximately $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is owned by company insiders.

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.