Fastenal Company (NASDAQ:FAST) Shares Purchased by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC significantly increased its stake in Fastenal Company by 367.0% during the first quarter, owning 54,518 shares valued at approximately $4.23 million.
• Fastenal reported a quarterly earnings per share of $0.29, surpassing analyst expectations, with a revenue of $2.08 billion for the quarter, reflecting an 8.6% year-over-year growth.
• Despite positive earnings, Fastenal announced a quarterly dividend of $0.22 per share, which represents a payout ratio of 84.62%, drawing attention to its dividend management amidst fluctuating earnings.

HB Wealth Management LLC raised its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 367.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,518 shares of the company's stock after acquiring an additional 42,844 shares during the quarter. HB Wealth Management LLC's holdings in Fastenal were worth $4,228,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Horizon Financial Services LLC boosted its holdings in Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after purchasing an additional 533 shares in the last quarter. Itau Unibanco Holding S.A. boosted its holdings in shares of Fastenal by 481.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock valued at $44,000 after buying an additional 506 shares in the last quarter. TruNorth Capital Management LLC purchased a new position in shares of Fastenal in the 1st quarter valued at $57,000. Golden State Wealth Management LLC grew its position in shares of Fastenal by 5,661.5% in the 1st quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock valued at $58,000 after buying an additional 736 shares during the last quarter. Finally, Close Asset Management Ltd raised its stake in Fastenal by 156.4% during the 1st quarter. Close Asset Management Ltd now owns 800 shares of the company's stock worth $62,000 after acquiring an additional 488 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insider Buying and Selling at Fastenal

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the sale, the chief financial officer owned 10,192 shares of the company's stock, valued at approximately $460,780.32. The trade was a 67.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Satterlee sold 19,340 shares of Fastenal stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $39.76, for a total transaction of $768,861.70. Following the sale, the director owned 50,000 shares of the company's stock, valued at approximately $1,987,750. The trade was a 27.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,116 shares of company stock valued at $3,069,670. 0.37% of the stock is owned by corporate insiders.

Fastenal Stock Performance

Shares of NASDAQ FAST traded down $0.51 during midday trading on Wednesday, reaching $46.09. 2,951,252 shares of the company were exchanged, compared to its average volume of 6,666,228. The company has a current ratio of 4.22, a quick ratio of 2.12 and a debt-to-equity ratio of 0.03. Fastenal Company has a 1 year low of $32.04 and a 1 year high of $48.10. The stock has a fifty day simple moving average of $42.96 and a 200 day simple moving average of $40.03. The stock has a market cap of $52.89 billion, a P/E ratio of 44.35, a PEG ratio of 4.27 and a beta of 0.96.

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

Fastenal Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's dividend payout ratio is presently 84.62%.

Wall Street Analysts Forecast Growth

FAST has been the subject of several research analyst reports. Stifel Nicolaus set a $82.00 price objective on shares of Fastenal in a research note on Thursday, July 3rd. Morgan Stanley set a $40.00 price target on Fastenal and gave the stock an "equal weight" rating in a research note on Thursday, July 3rd. JPMorgan Chase & Co. boosted their price objective on Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Wolfe Research restated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, Robert W. Baird lifted their target price on shares of Fastenal from $43.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $45.64.

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.