Fastenal Company $FAST Shares Bought by Taylor Hoffman Capital Management LLC

Key Points

• Taylor Hoffman Capital Management LLC increased its stake in Fastenal by 100%, owning 14,576 shares valued at $612,000 after purchasing an additional 7,288 shares in Q2.
• Fastenal reported $0.29 earnings per share for Q2, surpassing estimates and detailing an 8.6% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.22 per share, resulting in an annualized yield of 1.9%, with a payout ratio of 84.62%.

Taylor Hoffman Capital Management LLC grew its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,576 shares of the company's stock after purchasing an additional 7,288 shares during the quarter. Taylor Hoffman Capital Management LLC's holdings in Fastenal were worth $612,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of FAST. Charles Schwab Investment Management Inc. lifted its stake in shares of Fastenal by 8.9% during the first 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 lifted its stake in shares of Fastenal by 8,541.0% during the first quarter. GAMMA Investing LLC now owns 1,694,235 shares of the company's stock worth $131,388,000 after purchasing an additional 1,674,628 shares in the last quarter. Confluence Investment Management LLC lifted its stake in shares of Fastenal by 97.5% during the second quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company's stock worth $137,760,000 after purchasing an additional 1,619,507 shares in the last quarter. Nuveen LLC acquired a new position in shares of Fastenal in the first quarter worth about $119,136,000. Finally, Champlain Investment Partners LLC lifted its stake in shares of Fastenal by 266.4% in the first 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 in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Stock Performance

FAST opened at $47.25 on Wednesday. The company has a market capitalization of $54.23 billion, a price-to-earnings ratio of 45.43, a price-to-earnings-growth ratio of 4.34 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. Fastenal Company has a 1-year low of $34.69 and a 1-year high of $50.63. The business has a 50 day moving average price of $47.61 and a two-hundred day moving average price of $42.72.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The firm's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 earnings per share. Research analysts predict 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. Shareholders of record on Tuesday, July 29th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio is 84.62%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on FAST. Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. Loop Capital reissued a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Stephens boosted their price objective on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Northcoast Research began coverage on Fastenal in a report on Thursday, August 21st. They issued a "neutral" rating for the company. Finally, Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $46.82.

Insider Buying and Selling

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the transaction, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 over the last quarter. 0.37% of the stock is currently owned by insiders.

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.

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