Salvus Wealth Management LLC Buys 8,615 Shares of Fastenal Company $FAST

Key Points

• Salvus Wealth Management LLC increased its stake in Fastenal Company by 95.7%, owning 17,615 shares valued at $740,000 after acquiring an additional 8,615 shares in Q2.
• Fastenal reported earnings of $0.29 per share, exceeding estimates, with quarterly revenue of $2.08 billion, marking an 8.6% year-over-year increase.
• The company's recent quarterly dividend was set at $0.22 per share, yielding 1.8% annually, with a current payout ratio of 84.62%.

Salvus Wealth Management LLC raised its position in Fastenal Company (NASDAQ:FAST - Free Report) by 95.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 17,615 shares of the company's stock after acquiring an additional 8,615 shares during the period. Salvus Wealth Management LLC's holdings in Fastenal were worth $740,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in FAST. Charles Schwab Investment Management Inc. grew its position in shares of Fastenal by 8.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Fastenal by 8,541.0% in the first quarter. GAMMA Investing LLC now owns 1,694,235 shares of the company's stock worth $131,388,000 after acquiring an additional 1,674,628 shares in the last quarter. Confluence Investment Management LLC lifted its holdings in shares of Fastenal by 97.5% in the second quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company's stock valued at $137,760,000 after purchasing an additional 1,619,507 shares in the last quarter. Nuveen LLC bought a new position in Fastenal in the 1st quarter valued at $119,136,000. Finally, Champlain Investment Partners LLC grew its stake in shares of Fastenal by 266.4% during the 1st quarter. Champlain Investment Partners LLC now owns 1,824,055 shares of the company's stock worth $141,455,000 after acquiring an additional 1,326,260 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In other Fastenal news, 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 value of $2,341,188.20. Following the transaction, the insider owned 11,880 shares of the company's stock, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,230 shares of company stock worth $5,288,364. Corporate insiders own 0.37% of the company's stock.

Fastenal Stock Down 1.0%

Shares of NASDAQ:FAST traded down $0.46 during midday trading on Monday, hitting $47.12. 5,785,110 shares of the company's stock traded hands, compared to its average volume of 5,858,801. The firm's fifty day moving average price is $47.89 and its two-hundred day moving average price is $43.00. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63. The company has a market cap of $54.08 billion, a PE ratio of 45.31, a P/E/G ratio of 4.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

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

Fastenal Cuts Dividend

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

Analysts Set New Price Targets

FAST has been the topic of several recent research reports. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Robert W. Baird upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. Northcoast Research began coverage on Fastenal in a research note on Thursday, August 21st. They set a "neutral" rating for the company. Wolfe Research restated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $46.82.

Fastenal 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.