Fastenal Company (NASDAQ:FAST) Stock Holdings Reduced by Tikehau Investment Management

Key Points

• Tikehau Investment Management has reduced its stake in Fastenal Company by 35.2%, making it the fund's 10th largest position with holdings valued at approximately $2.76 million.
• Multiple institutional investors, including Norges Bank and GAMMA Investing LLC, have significantly increased their investments in Fastenal recently, indicating strong institutional interest in the stock.
• Fastenal reported earnings of $0.29 per share, surpassing analyst expectations, and announced a quarterly dividend of $0.22 per share, reflecting a 1.84% yield.

Tikehau Investment Management decreased its position in Fastenal Company (NASDAQ:FAST - Free Report) by 35.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,640 shares of the company's stock after selling 19,397 shares during the period. Fastenal makes up 4.3% of Tikehau Investment Management's holdings, making the stock its 10th biggest holding. Tikehau Investment Management's holdings in Fastenal were worth $2,764,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KLP Kapitalforvaltning AS increased its position in shares of Fastenal by 3.9% during the first quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock worth $15,180,000 after acquiring an additional 7,400 shares in the last quarter. OneAscent Financial Services LLC bought a new stake in shares of Fastenal during the fourth quarter worth about $338,000. LPL Financial LLC increased its position in shares of Fastenal by 3.2% during the fourth quarter. LPL Financial LLC now owns 357,489 shares of the company's stock worth $25,707,000 after acquiring an additional 10,959 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Fastenal during the fourth quarter worth about $662,000. Finally, J.W. Cole Advisors Inc. increased its position in shares of Fastenal by 97.2% during the first quarter. J.W. Cole Advisors Inc. now owns 24,999 shares of the company's stock worth $1,939,000 after acquiring an additional 12,321 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on FAST. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock 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 note on Tuesday, July 15th. JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. Finally, Robert W. Baird raised their price target on Fastenal from $43.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $45.64.

Insider Buying and Selling

In related news, Director Scott Satterlee sold 19,340 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $39.76, for a total value of $768,861.70. Following the transaction, the director owned 50,000 shares of the company's stock, valued at $1,987,750. This trade represents a 27.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Lewis Soderberg sold 32,724 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.23, for a total transaction of $1,349,046.90. The disclosure for this sale can be found here. Insiders have sold 73,116 shares of company stock valued at $3,069,670 in the last 90 days. Company insiders own 0.37% of the company's stock.

Fastenal Price Performance

FAST traded up $0.04 during trading on Wednesday, hitting $46.64. 1,534,450 shares of the company traded hands, compared to its average volume of 6,657,458. The company has a market cap of $53.52 billion, a PE ratio of 44.87, a P/E/G ratio of 4.27 and a beta of 0.96. The stock's 50-day simple moving average is $42.96 and its two-hundred day simple moving average is $40.03. Fastenal Company has a 1 year low of $32.04 and a 1 year high of $48.10. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business's revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the business earned $0.25 EPS. As a group, sell-side analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's dividend payout ratio is presently 84.62%.

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.