Flputnam Investment Management Co. Acquires Shares of 75,974 Fastenal Company $FAST

Key Points

• Flputnam Investment Management acquired 75,974 Fastenal shares in the second quarter, valued at approximately $3.65 million. Institutional investors and hedge funds collectively own 81.38% of the company.
• Fastenal reported quarterly revenue of $2.39 billion and earnings of $0.33 per share, while revenue increased 14.7% year over year. The company also raised its quarterly dividend to $0.26, implying a 2.0% annualized yield.
• FAST traded near $51.02, above the analyst consensus target of $49.17, with ratings averaging “Hold.” Two directors recently sold shares, including a $1.75 million sale by Rita J. Heise.

Flputnam Investment Management Co. bought a new stake in Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 75,974 shares of the company's stock, valued at approximately $3,649,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FAST. Elyxium Wealth LLC bought a new position in Fastenal in the fourth quarter valued at approximately $25,000. Palladiem LLC acquired a new position in Fastenal in the fourth quarter valued at about $25,000. Evergreen Advisors LLC acquired a new position in Fastenal in the first quarter valued at about $26,000. MV Capital Management Inc. bought a new position in Fastenal during the fourth quarter worth about $29,000. Finally, Field & Main Bank bought a new position in Fastenal during the fourth quarter worth about $30,000. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Fastenal Price Performance

FAST opened at $51.02 on Monday. Fastenal Company has a fifty-two week low of $38.97 and a fifty-two week high of $52.92. The company's 50-day moving average is $47.47 and its 200 day moving average is $46.12. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The firm has a market capitalization of $58.55 billion, a P/E ratio of 43.24, a PEG ratio of 3.18 and a beta of 0.72.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to analysts' expectations of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. Fastenal's revenue was up 14.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 EPS. Research analysts expect that Fastenal Company will post 1.26 earnings per share for the current fiscal year.

Fastenal Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 annualized dividend and a yield of 2.0%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is 88.14%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Robert W. Baird set a $54.00 price objective on Fastenal in a research report on Friday, August 7th. Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the stock a "buy" rating in a research report on Monday, July 13th. Wolfe Research restated an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Weiss Ratings lowered Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Finally, DA Davidson reissued a "neutral" rating and set a $46.00 price target on shares of Fastenal in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $49.17.

Insider Buying and Selling

In related news, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total transaction of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company's stock, valued at approximately $2,875,810. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the transaction, the director directly owned 20,000 shares of the company's stock, valued at $1,001,000. The trade was a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by company insiders.

About Fastenal

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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