HighTower Advisors LLC Has $18.68 Million Stock Position in Fastenal Company $FAST

Key Points

• HighTower Advisors LLC has reduced its position in Fastenal Company by 17.8%, selling 52,168 shares and now holding 240,887 shares worth approximately $18.68 million.
• Fastenal reported quarterly earnings of $0.29 per share, exceeding estimates of $0.28, along with a revenue of $2.08 billion, marking an 8.6% year-over-year increase.
• The company announced a quarterly dividend of $0.22 per share, with a dividend yield of 1.8% and a payout ratio of 84.62%.

HighTower Advisors LLC decreased its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 17.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 240,887 shares of the company's stock after selling 52,168 shares during the quarter. HighTower Advisors LLC's holdings in Fastenal were worth $18,681,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Public Sector Pension Investment Board lifted its holdings in shares of Fastenal by 8.7% during the 1st quarter. Public Sector Pension Investment Board now owns 78,123 shares of the company's stock worth $6,058,000 after acquiring an additional 6,285 shares during the period. Mainsail Asset Management LLC bought a new stake in shares of Fastenal in the 1st quarter worth approximately $214,000. Meridian Wealth Management LLC lifted its holdings in shares of Fastenal by 73.5% in the first quarter. Meridian Wealth Management LLC now owns 8,166 shares of the company's stock worth $633,000 after buying an additional 3,459 shares in the last quarter. Nuveen LLC purchased a new position in Fastenal in the 1st quarter worth $119,136,000. Finally, Benjamin Edwards Inc. raised its stake in shares of Fastenal by 15.2% during the first quarter. Benjamin Edwards Inc. now owns 629,723 shares of the company's stock valued at $48,835,000 after acquiring an additional 82,979 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the sale, the chief financial officer owned 10,192 shares of the company's stock, valued at $460,780.32. This trade represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. 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. Corporate insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price target on Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Robert W. Baird raised Fastenal from a "neutral" rating to an "outperform" rating and increased their target price for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Wolfe Research restated a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Finally, Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $46.36.

Fastenal Stock Down 0.9%

Shares of NASDAQ:FAST traded down $0.4640 during trading hours on Wednesday, reaching $49.4360. The stock had a trading volume of 2,981,933 shares, compared to its average volume of 6,596,570. The stock has a market capitalization of $56.73 billion, a price-to-earnings ratio of 47.56, a P/E/G ratio of 4.47 and a beta of 0.95. Fastenal Company has a 1 year low of $32.04 and a 1 year high of $50.06. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The firm's 50 day moving average is $44.83 and its 200-day moving average is $41.08.

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

Fastenal Cuts Dividend

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

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.