Fastenal Company $FAST Stock Holdings Raised by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. significantly increased its stake in Fastenal Company by 122.6%, owning a total of 129,586 shares valued at approximately $5.44 million.
• Fastenal recently reported $0.29 EPS for the quarter, beating estimates, with revenue rising 8.6% year-over-year to $2.08 billion.
• The company declared a quarterly dividend of $0.22, resulting in an annualized yield of 1.8%, while its dividend payout ratio stands at 84.62%.

QRG Capital Management Inc. raised its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 122.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 129,586 shares of the company's stock after purchasing an additional 71,383 shares during the period. QRG Capital Management Inc.'s holdings in Fastenal were worth $5,443,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Oregon Public Employees Retirement Fund grew its position in shares of Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after buying an additional 130 shares during the last quarter. Welch & Forbes LLC grew its position in shares of Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock valued at $2,559,000 after buying an additional 135 shares during the last quarter. Principal Securities Inc. grew its position in shares of Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company's stock valued at $1,142,000 after buying an additional 140 shares during the last quarter. Essex Financial Services Inc. grew its position in shares of Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock valued at $688,000 after buying an additional 147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its position in shares of Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock valued at $487,000 after buying an additional 147 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Fastenal Stock Down 0.6%

FAST stock opened at $47.88 on Monday. Fastenal Company has a 12 month low of $34.69 and a 12 month high of $50.63. The firm has a market cap of $54.95 billion, a PE ratio of 46.04, a P/E/G ratio of 4.34 and a beta of 0.94. The firm has a 50 day simple moving average of $48.18 and a 200 day simple moving average of $43.64. 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 (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating 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 business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the prior year, the business earned $0.25 earnings per share. The business's quarterly revenue was up 8.6% on a year-over-year basis. Equities research analysts forecast that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Tuesday, July 29th. Fastenal's dividend payout ratio is 84.62%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Stephens upped their target price on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a research report on Thursday, July 3rd. Finally, Northcoast Research assumed coverage on shares of Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $46.82.

Insider Activity

In related news, insider Jeffery Michael Watts sold 48,724 shares of the company's 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 completion of the sale, the insider owned 11,880 shares in the company, valued at approximately $570,834. This represents a 80.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The shares were 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 owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their position. 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 in the last quarter. Insiders own 0.37% of the company's stock.

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.

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