Gulf International Bank UK Ltd Sells 11,189 Shares of Fastenal Company (NASDAQ:FAST)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Fastenal Company by 25.0%, bringing its holdings to 33,541 shares worth approximately $2.6 million as of the latest SEC filing.
• Insider transactions showed notable sales, with Jeffery Michael Watts selling 48,724 shares for over $2.34 million, and CFO Sheryl Ann Lisowski selling 21,052 shares for about $951,761.
• Fastenal recently announced a quarterly dividend of $0.22 per share and has a projected annualized dividend yield of 1.8% with a payout ratio of 84.62%.

Gulf International Bank UK Ltd reduced its position in Fastenal Company (NASDAQ:FAST - Free Report) by 25.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,541 shares of the company's stock after selling 11,189 shares during the quarter. Gulf International Bank UK Ltd's holdings in Fastenal were worth $2,601,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of FAST. Horizon Financial Services LLC lifted its position in shares of Fastenal by 5,330.0% during the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after acquiring an additional 533 shares during the period. Itau Unibanco Holding S.A. raised its holdings in shares of Fastenal by 481.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock valued at $44,000 after purchasing an additional 506 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Fastenal in the first quarter valued at about $49,000. TruNorth Capital Management LLC purchased a new stake in shares of Fastenal in the first quarter valued at about $57,000. Finally, Golden State Wealth Management LLC grew its position in Fastenal by 5,661.5% during the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock valued at $58,000 after buying an additional 736 shares during the period. 81.38% of the stock is owned by institutional investors.

Fastenal Price Performance

Shares of FAST stock traded up $0.19 during trading hours on Friday, hitting $48.88. 5,847,024 shares of the company's stock were exchanged, compared to its average volume of 5,954,687. The company has a market capitalization of $56.10 billion, a PE ratio of 47.00, a PEG ratio of 4.45 and a beta of 0.95. Fastenal Company has a 12-month low of $32.04 and a 12-month high of $49.26. The business's 50 day simple moving average is $44.55 and its 200-day simple moving average is $40.91. 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 issued its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping 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 company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the previous year, the firm earned $0.25 earnings per share. The firm's revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The company also recently announced 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 dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's payout ratio is presently 84.62%.

Insider Buying and Selling

In related news, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 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 directly owned 11,880 shares in the company, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 104,388 shares of company stock valued at $4,955,363 over the last three months. 0.37% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently weighed in on FAST. Stephens increased their price target on shares of 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 upgraded shares of Fastenal from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Finally, Loop Capital reaffirmed a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus 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.