US Bancorp DE Sells 10,574 Shares of Fastenal Company (NASDAQ:FAST)

Key Points

• US Bancorp DE has reduced its stake in Fastenal by 2.4%, owning about $34 million worth of shares after selling 10,574 in the first quarter.
• Several analysts have upgraded their price targets for Fastenal, with a consensus target of $45.64 and the stock currently rated as a "Hold."
• Fastenal reported earnings of $0.29 per share for the latest quarter, exceeding expectations, with revenues rising 8.6% year-over-year.

US Bancorp DE reduced its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 438,981 shares of the company's stock after selling 10,574 shares during the period. US Bancorp DE owned 0.08% of Fastenal worth $34,043,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Abacus Wealth Partners LLC purchased a new position in Fastenal during the 1st quarter worth approximately $478,000. Davis R M Inc. raised its stake in Fastenal by 18.9% during the 1st quarter. Davis R M Inc. now owns 3,836 shares of the company's stock valued at $297,000 after acquiring an additional 611 shares during the last quarter. Wellington Shields & Co. LLC lifted its position in Fastenal by 11.8% during the 1st quarter. Wellington Shields & Co. LLC now owns 1,900 shares of the company's stock worth $147,000 after acquiring an additional 200 shares during the period. XTX Topco Ltd purchased a new position in shares of Fastenal in the 1st quarter valued at approximately $542,000. Finally, Harvest Fund Management Co. Ltd increased its holdings in shares of Fastenal by 6.9% in the first quarter. Harvest Fund Management Co. Ltd now owns 39,903 shares of the company's stock valued at $3,094,000 after purchasing an additional 2,588 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FAST shares. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Wolfe Research reissued a "positive" rating on shares of Fastenal in a report on Monday, July 14th. JPMorgan Chase & Co. upped their price objective on Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on Fastenal and gave the company an "equal weight" rating in a report on Thursday, July 3rd. Finally, Robert W. Baird upgraded 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 report on Thursday. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $46.36.

Fastenal Price Performance

Shares of FAST traded up $0.72 during mid-day trading on Thursday, reaching $47.50. The company had a trading volume of 8,577,263 shares, compared to its average volume of 6,672,580. The company has a market capitalization of $54.51 billion, a P/E ratio of 45.67, a P/E/G ratio of 4.14 and a beta of 0.95. Fastenal Company has a twelve month low of $32.04 and a twelve month high of $48.10. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The company's 50-day moving average is $43.56 and its 200-day moving average is $40.37.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion for 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%. Fastenal's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 earnings per share. On average, equities analysts anticipate that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.9%. Fastenal's payout ratio is 84.62%.

Insider Buying and Selling at Fastenal

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the transaction, the chief financial officer owned 10,192 shares in the company, valued at $460,780.32. This trade represents a 67.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Lewis Soderberg sold 32,724 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $41.23, for a total value of $1,349,046.90. The disclosure for this sale can be found here. 0.37% of the stock is owned by insiders.

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.