Handelsbanken Fonder AB Decreases Stock Position in Fastenal Company $FAST

Key Points

• Handelsbanken Fonder reduced its Fastenal position by 8% in the second quarter, selling 53,368 shares and retaining 612,543 shares valued at approximately $29.4 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share, matching estimates, while revenue rose 14.7% year over year to $2.39 billion. The company also increased its quarterly dividend from $0.24 to $0.26 per share, producing a 2.0% annualized yield.
• Fastenal shares opened at $52.38, near their 52-week high, while analyst sentiment remained “Hold” with an average price target of $49.17. Two directors also recently sold company shares.

Handelsbanken Fonder AB cut its position in Fastenal Company (NASDAQ:FAST - Free Report) by 8.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 612,543 shares of the company's stock after selling 53,368 shares during the period. Handelsbanken Fonder AB owned 0.05% of Fastenal worth $29,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Fastenal by 1.2% during the fourth quarter. State Street Corp now owns 54,734,674 shares of the company's stock worth $2,196,502,000 after buying an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Fastenal by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company's stock worth $1,898,031,000 after buying an additional 919,158 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Fastenal by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company's stock worth $1,508,216,000 after buying an additional 685,047 shares in the last quarter. Invesco Ltd. boosted its position in Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company's stock worth $893,307,000 after acquiring an additional 2,242,116 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Fastenal by 12.0% during the first quarter. Bank of America Corp DE now owns 16,292,425 shares of the company's stock worth $755,969,000 after acquiring an additional 1,744,193 shares during the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Fastenal Stock Up 0.4%

Shares of NASDAQ:FAST opened at $52.38 on Wednesday. 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 $60.11 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 3.26 and a beta of 0.72. The firm's 50-day moving average is $47.19 and its two-hundred day moving average is $45.96. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 earnings per share. Analysts predict that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. This is a boost from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Fastenal's dividend payout ratio (DPR) is currently 88.14%.

Insider Activity at Fastenal

In other news, Director Rita J. Heise sold 34,964 shares of the stock in a transaction on 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 sale, the director directly owned 20,000 shares in the company, valued at approximately $1,001,000. This trade represents a 63.61% 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 Michael J. Ancius sold 3,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director directly owned 58,690 shares of the company's stock, valued at approximately $2,875,810. This represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.28% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on FAST shares. Morgan Stanley increased their price objective on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Weiss Ratings cut Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. DA Davidson restated a "neutral" rating and issued a $46.00 price target on shares of Fastenal in a research report on Wednesday, July 15th. Wolfe Research reaffirmed an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Finally, Robert W. Baird set a $54.00 price objective on Fastenal in a research report on Friday. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Fastenal presently has a consensus rating of "Hold" and an average target price of $49.17.

Fastenal Profile

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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