Fiduciary Alliance LLC Invests $271,000 in Fastenal Company $FAST

Key Points

• Fiduciary Alliance LLC has acquired a new stake in Fastenal Company, purchasing 6,456 shares valued at approximately $271,000 during Q2.
• The company recently reported quarterly earnings of $0.29 EPS, exceeding analysts' expectations of $0.28, with revenue increasing by 8.6% year-over-year.
• Fastenal also recently announced a quarterly dividend of $0.22, translating to an annual yield of 1.9%, despite a payout ratio of 84.62%.

Fiduciary Alliance LLC acquired a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 6,456 shares of the company's stock, valued at approximately $271,000.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Fastenal by 1.4% in 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 during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fastenal by 8.9% in 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 purchasing an additional 1,850,871 shares during the period. Baird Financial Group Inc. raised its stake in shares of Fastenal by 1.7% in the first quarter. Baird Financial Group Inc. now owns 8,418,765 shares of the company's stock worth $652,875,000 after purchasing an additional 142,972 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Fastenal by 2.6% in the first quarter. Principal Financial Group Inc. now owns 6,591,850 shares of the company's stock worth $511,198,000 after purchasing an additional 168,830 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Fastenal by 11.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,933,636 shares of the company's stock worth $460,153,000 after purchasing an additional 613,254 shares during the period. 81.38% of the stock is owned by hedge funds and other institutional investors.

Fastenal Stock Performance

NASDAQ FAST traded down $0.46 during mid-day trading on Monday, reaching $47.12. 5,785,110 shares of the stock were exchanged, compared to its average volume of 5,858,801. The company has a market capitalization of $54.08 billion, a P/E ratio of 45.31, a P/E/G ratio of 4.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The business's 50 day moving average is $47.89 and its 200-day moving average is $43.00. Fastenal Company has a 1 year low of $34.69 and a 1 year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The company's revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is presently 84.62%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FAST. Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research note on Thursday, July 3rd. JPMorgan Chase & Co. boosted their target price on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, September 4th. Finally, Northcoast Research assumed coverage on shares of Fastenal in a report on Thursday, August 21st. They issued a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $46.82.

Insiders Place Their Bets

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction on Thursday, July 17th. The shares were 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the firm's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.67, for a total transaction of $333,000.14. Following the completion of the transaction, the executive vice president directly owned 11,994 shares in the company, valued at $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 over the last ninety days. 0.37% of the stock is owned by corporate insiders.

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.