Gotham Asset Management LLC Sells 11,859 Shares of Fastenal Company $FAST

Key Points

• Gotham Asset Management LLC decreased its holdings in Fastenal Company by 5.9%, leaving them with 190,821 shares valued at approximately $14.8 million.
• Insider sales at Fastenal included the sale of 48,724 shares by Jeffery Michael Watts, representing an 80.40% decrease in his position.
• Fastenal reported a Q2 earnings per share of $0.29, exceeding analysts' expectations, with revenue of $2.08 billion for the quarter.

Gotham Asset Management LLC lowered its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 5.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 190,821 shares of the company's stock after selling 11,859 shares during the period. Gotham Asset Management LLC's holdings in Fastenal were worth $14,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. 1248 Management LLC acquired a new stake in Fastenal in the 1st quarter valued at approximately $36,000. 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 worth $42,000 after purchasing an additional 533 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Fastenal during the 1st quarter worth $49,000. TruNorth Capital Management LLC purchased a new stake in shares of Fastenal during the 1st quarter worth $57,000. Finally, Golden State Wealth Management LLC lifted its position in shares of Fastenal by 5,661.5% during the 1st quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after purchasing an additional 736 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Price Performance

Shares of FAST stock traded up $0.20 during midday trading on Monday, reaching $48.19. 6,021,271 shares of the company were exchanged, compared to its average volume of 5,178,352. Fastenal Company has a 12 month low of $32.99 and a 12 month high of $50.63. The company has a market cap of $55.30 billion, a P/E ratio of 46.34, a PEG ratio of 4.36 and a beta of 0.97. The company's 50 day moving average price is $47.03 and its two-hundred day moving average price is $42.32. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 earnings per share 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 business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the firm posted $0.25 earnings per share. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. Fastenal's dividend payout ratio is currently 84.62%.

Insider Buying and Selling at Fastenal

In other news, 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 value of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 over the last quarter. Company insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

FAST has been the subject of several recent analyst reports. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research note on Thursday, July 3rd. Finally, Northcoast Research started coverage on shares of Fastenal in a research note on Thursday, August 21st. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $46.82.

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.