Picton Mahoney Asset Management Acquires 12,721 Shares of Fastenal Company (NASDAQ:FAST)

Key Points

• Picton Mahoney Asset Management raised its stake in Fastenal by 7.5%, acquiring an additional 12,721 shares for a total of 181,482 shares valued at approximately $14.07 million.
• Fastenal recently declared a quarterly dividend of $0.22 per share, with a payout ratio of 84.62%, reflecting an annualized dividend yield of 1.89%.
• In recent trading, Fastenal's stock reached $46.60 per share, up from a 52-week low of $32.04, while the company reported a 15.30% net margin and earnings per share of $0.29, surpassing expectations.

Picton Mahoney Asset Management lifted its position in Fastenal Company (NASDAQ:FAST - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 181,482 shares of the company's stock after buying an additional 12,721 shares during the quarter. Picton Mahoney Asset Management's holdings in Fastenal were worth $14,074,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in FAST. GAMMA Investing LLC boosted its stake in shares of Fastenal by 8,541.0% during the 1st quarter. GAMMA Investing LLC now owns 1,694,235 shares of the company's stock worth $131,388,000 after acquiring an additional 1,674,628 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Fastenal by 100.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,081,620 shares of the company's stock worth $221,600,000 after purchasing an additional 1,547,319 shares during the last quarter. Wellington Management Group LLP boosted its position in Fastenal by 301.9% during the fourth quarter. Wellington Management Group LLP now owns 1,478,233 shares of the company's stock worth $106,300,000 after purchasing an additional 1,110,445 shares during the period. Northern Trust Corp grew its holdings in Fastenal by 15.2% during the fourth quarter. Northern Trust Corp now owns 7,322,739 shares of the company's stock valued at $526,578,000 after purchasing an additional 966,629 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Fastenal by 12.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,320,382 shares of the company's stock valued at $382,589,000 after purchasing an additional 602,182 shares during the period. Institutional investors own 81.38% of the company's stock.

Fastenal Price Performance

NASDAQ:FAST traded down $0.19 during trading hours on Wednesday, reaching $46.41. The company had a trading volume of 5,809,125 shares, compared to its average volume of 6,688,588. The stock has a 50-day moving average of $42.96 and a two-hundred day moving average of $40.03. Fastenal Company has a one year low of $32.04 and a one year high of $48.10. The firm has a market capitalization of $53.26 billion, a PE ratio of 44.63, a PEG ratio of 4.27 and a beta of 0.96. 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 announced its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. The firm had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.07 billion. During the same period in the prior year, the business posted $0.25 earnings per share. The business's revenue was up 8.6% compared to the same quarter last year. Analysts forecast that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is 84.62%.

Analysts Set New Price Targets

FAST has been the topic of a number of research analyst reports. Stephens raised 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. JPMorgan Chase & Co. lifted their target price on shares of Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Loop Capital reiterated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Robert W. Baird lifted their target price on shares of Fastenal from $43.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Finally, Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $45.64.

Insider Buying and Selling at Fastenal

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Satterlee sold 19,340 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $39.76, for a total value of $768,861.70. Following the sale, the director owned 50,000 shares in the company, valued at $1,987,750. The trade was a 27.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,116 shares of company stock worth $3,069,670 over the last three months. Company insiders own 0.37% of the company's stock.

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.