Fastenal Company $FAST Stock Position Raised by OLD National Bancorp IN

Key Points

• OLD National Bancorp IN raised its position in Fastenal Company by 101.3% in the second quarter, owning 27,702 shares valued at $1,163,000 after purchasing an additional 13,939 shares.
• A total of 81.38% of Fastenal's stock is currently owned by institutional investors and hedge funds, with significant increases from firms like Vanguard Group and Charles Schwab Investment Management.
• Fastenal's stock has a current consensus rating of "Hold" with an average target price of $47.25, while the company reported a quarterly EPS of $0.29, beating analysts' expectations.

OLD National Bancorp IN increased its position in Fastenal Company (NASDAQ:FAST - Free Report) by 101.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 27,702 shares of the company's stock after purchasing an additional 13,939 shares during the period. OLD National Bancorp IN's holdings in Fastenal were worth $1,163,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Fastenal by 1.4% during the first quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock valued at $5,685,754,000 after buying an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in 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 acquiring an additional 1,850,871 shares during the period. Baird Financial Group Inc. grew its stake in Fastenal by 1.7% during the 1st quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock valued at $652,875,000 after acquiring an additional 142,972 shares in the last quarter. Principal Financial Group Inc. grew its stake in Fastenal by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock valued at $511,198,000 after acquiring an additional 168,830 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Fastenal by 11.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company's stock valued at $460,153,000 after purchasing an additional 613,254 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FAST. Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Stephens lifted their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 15th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, September 4th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Fastenal in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $47.25.

Insider Buying and Selling

In related news, EVP John Lewis Soderberg sold 34,612 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was 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 owned 11,880 shares in the company, valued at $570,834. This trade represents a 80.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,230 shares of company stock worth $5,288,364. 0.37% of the stock is currently owned by company insiders.

Fastenal Stock Down 0.2%

FAST stock opened at $47.78 on Tuesday. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. The firm has a market cap of $54.83 billion, a PE ratio of 45.94, a PEG ratio of 4.34 and a beta of 0.94. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63. The company has a fifty day simple moving average of $48.20 and a 200 day simple moving average of $43.71.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly 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 company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Sell-side analysts anticipate that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. Fastenal's dividend payout ratio is presently 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.

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