Parallel Advisors LLC Purchases 15,091 Shares of Fastenal Company $FAST

Key Points

• Parallel Advisors LLC significantly increased its stake in Fastenal Company by 108.9% in the second quarter, now owning approximately 28,949 shares valued at $1.22 million.
• Fastenal's recent earnings report exceeded expectations with an EPS of $0.29 compared to a forecast of $0.28, and revenue rose by 8.6% year-over-year to $2.08 billion.
• Fastenal's dividend yield is currently 1.9%, with a recent quarterly dividend of $0.22 paid on August 26th, while the company's dividend payout ratio stands at 84.62%.

Parallel Advisors LLC raised its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 108.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,949 shares of the company's stock after buying an additional 15,091 shares during the period. Parallel Advisors LLC's holdings in Fastenal were worth $1,216,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Garde Capital Inc. grew its stake in shares of Fastenal by 4,900.0% in the 2nd quarter. Garde Capital Inc. now owns 750 shares of the company's stock worth $32,000 after purchasing an additional 735 shares during the last quarter. 1248 Management LLC acquired a new position in shares of Fastenal in the 1st quarter worth approximately $36,000. Horizon Financial Services LLC grew its stake in shares of Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Fastenal in the 1st quarter worth approximately $49,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Fastenal in the 1st quarter worth approximately $57,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 11,880 shares in the company, valued at approximately $570,834. This 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 valued at $5,288,364 over the last three months. 0.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on FAST shares. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $47.00 to $55.00 in a research note on Thursday, August 7th. Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a report on Thursday, July 3rd. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Stephens raised their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Finally, Northcoast Research initiated coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a "neutral" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $46.82.

Fastenal Stock Up 0.2%

Shares of FAST stock traded up $0.10 during trading on Thursday, hitting $47.22. 5,624,792 shares of the company were exchanged, compared to its average volume of 5,421,562. 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 firm has a market capitalization of $54.19 billion, a price-to-earnings ratio of 45.40, a P/E/G ratio of 4.29 and a beta of 0.97. The business's 50-day simple moving average is $47.76 and its 200 day simple moving average is $42.82. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63.

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

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were paid a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. Fastenal's payout ratio is 84.62%.

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.