Hengehold Capital Management LLC Raises Stake in Fastenal Company $FAST

Key Points

• Hengehold Capital Management LLC doubled its stake in Fastenal Company, increasing its holdings by 100% to 15,828 shares, valued at approximately $665,000.
• Several institutional investors made significant adjustments to their positions in Fastenal, with 81.38% of the stock currently owned by such investors.
• Fastenal recently reported quarterly earnings of $0.29 per share, surpassing estimates, along with an 8.6% increase in revenue compared to the same period last year.

Hengehold Capital Management LLC grew its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 100.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,828 shares of the company's stock after buying an additional 7,914 shares during the quarter. Hengehold Capital Management LLC's holdings in Fastenal were worth $665,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in Fastenal by 8.9% during 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 buying an additional 1,850,871 shares in the last quarter. Congress Asset Management Co. bought a new position in Fastenal in the second quarter valued at approximately $73,733,000. GAMMA Investing LLC raised its position in Fastenal by 8,541.0% during the first quarter. GAMMA Investing LLC now owns 1,694,235 shares of the company's stock worth $131,388,000 after acquiring an additional 1,674,628 shares in the last quarter. Confluence Investment Management LLC increased its position in Fastenal by 97.5% during the 2nd quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company's stock worth $137,760,000 after buying an additional 1,619,507 shares during the period. Finally, Nuveen LLC bought a new position in Fastenal in the first quarter valued at approximately $119,136,000. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Stephens raised their price target on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Loop Capital reissued a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Finally, Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and upped their target price for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. 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.com, Fastenal currently has a consensus rating of "Hold" and an average target price of $46.82.

Fastenal Stock Performance

NASDAQ:FAST opened at $48.70 on Friday. The firm has a 50-day moving average price of $48.07 and a 200 day moving average price of $43.23. The firm has a market capitalization of $55.89 billion, a PE ratio of 46.83, a price-to-earnings-growth ratio of 4.43 and a beta of 0.97. Fastenal Company has a 12-month low of $34.69 and a 12-month high of $50.63. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.Fastenal's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 earnings per share. Research analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal's dividend payout ratio is currently 84.62%.

Insider Transactions at Fastenal

In related news, EVP John Lewis Soderberg sold 34,612 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider owned 11,880 shares of the company's stock, valued at approximately $570,834. The trade was a 80.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 in the last 90 days. 0.37% of the stock is owned by company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.