Fastenal Company $FAST Shares Sold by Groupe la Francaise

Key Points

• Groupe la Francaise cut its Fastenal stake by 23.2% in the second quarter, selling 35,476 shares and retaining 117,136 shares valued at approximately $5.6 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, matching estimates, while revenue reached $2.39 billion and rose 14.7% year over year. The company increased its quarterly dividend from $0.24 to $0.26, implying a 2.1% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $49.17; shares opened at $49.60. Two directors also sold shares in July and August, while insider ownership stands at 0.28%.

Groupe la Francaise reduced its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 23.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,136 shares of the company's stock after selling 35,476 shares during the period. Groupe la Francaise's holdings in Fastenal were worth $5,626,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Fastenal during the 2nd quarter worth approximately $5,105,454,000. California State Teachers Retirement System boosted its stake in shares of Fastenal by 4,689.6% in the second quarter. California State Teachers Retirement System now owns 84,371,948 shares of the company's stock valued at $4,052,385,000 after buying an additional 82,610,391 shares in the last quarter. State Street Corp boosted its stake in shares of Fastenal by 1.2% in the fourth quarter. State Street Corp now owns 54,734,674 shares of the company's stock valued at $2,196,502,000 after buying an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company's stock valued at $1,898,031,000 after buying an additional 919,158 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company's stock worth $1,508,216,000 after acquiring an additional 685,047 shares during the period. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Stock Performance

Shares of FAST opened at $49.60 on Tuesday. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The company has a market capitalization of $56.92 billion, a PE ratio of 42.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.72. The stock has a fifty day moving average of $48.75 and a two-hundred day moving average of $46.62. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The business's revenue was up 14.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 earnings per share. As a group, analysts forecast that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, July 28th. This is a positive change from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is 88.14%.

Analyst Ratings Changes

FAST has been the subject of several research analyst reports. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Weiss Ratings upgraded shares of Fastenal from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, August 26th. William Blair reissued an "outperform" rating on shares of Fastenal in a research note on Friday. Wolfe Research restated an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Finally, Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating for the company in a research note on Thursday, July 16th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $49.17.

Insider Activity

In other news, Director Michael Ancius sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rita J. Heise sold 34,964 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.28% of the stock is owned by insiders.

About Fastenal

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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