Fastenal Company $FAST Shares Acquired by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC increased its holdings in Fastenal by 89.5%, now owning 41,416 shares valued at approximately $3.2 million.
• Fastenal reported a quarterly EPS of $0.29, exceeding analysts' expectations, with revenue rising 8.6% year-over-year to $2.08 billion.
• The company announced a quarterly dividend of $0.22, representing an annual yield of 1.8% and a payout ratio of 84.62%.

Neuberger Berman Group LLC raised its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 89.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 41,416 shares of the company's stock after acquiring an additional 19,559 shares during the quarter. Neuberger Berman Group LLC's holdings in Fastenal were worth $3,212,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Fastenal by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 73,317,271 shares of the company's stock worth $5,685,754,000 after acquiring an additional 1,016,479 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings 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 valued at $1,753,864,000 after acquiring an additional 1,850,871 shares during the period. Baird Financial Group Inc. raised its stake in shares of Fastenal by 0.9% during the fourth quarter. Baird Financial Group Inc. now owns 8,275,793 shares of the company's stock valued at $595,112,000 after purchasing an additional 74,903 shares in the last quarter. Northern Trust Corp lifted its holdings in Fastenal by 15.2% in the 4th quarter. Northern Trust Corp now owns 7,322,739 shares of the company's stock valued at $526,578,000 after acquiring an additional 966,629 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of Fastenal by 1.7% in the fourth quarter. Royal Bank of Canada now owns 7,018,546 shares of the company's stock worth $504,703,000 after acquiring an additional 116,866 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

NASDAQ:FAST traded up $0.23 during trading hours on Monday, hitting $49.11. 4,540,599 shares of the company's stock traded hands, compared to its average volume of 6,618,974. The firm has a market cap of $56.36 billion, a P/E ratio of 47.22, a P/E/G ratio of 4.45 and a beta of 0.95. Fastenal Company has a 52 week low of $32.04 and a 52 week high of $49.26. The business's fifty day simple moving average is $44.69 and its two-hundred day simple moving average is $41.02. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last posted 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. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. The company had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.07 billion. During the same period last year, the firm earned $0.25 earnings per share. Fastenal's quarterly revenue was up 8.6% on a year-over-year basis. On average, research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Insider Activity at Fastenal

In other Fastenal 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 transaction of $2,341,188.20. Following the transaction, 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 document filed with the SEC, 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 dated 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 transaction, 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. 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 corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on FAST. Loop Capital reissued a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Stephens upped their price target on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and increased their price target for the company from $47.00 to $55.00 in a research note on Thursday, August 7th. Finally, Wolfe Research reissued a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average price target of $46.36.

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.