Hsbc Holdings PLC Sells 952,597 Shares of Fastenal Company $FAST

Key Points

• Hsbc Holdings PLC has reduced its holdings in Fastenal Company by 33.6%, selling 952,597 shares during the first quarter, leaving them with a total of 1,884,992 shares valued at approximately $145.8 million.
• Recent insider sales have been notable, with executive William Joseph Drazkowski selling 6,842 shares and Jeffery Michael Watts selling 48,724 shares, reflecting significant decreases in their respective holdings.
• Fastenal's latest quarterly earnings report showed a profit of $0.29 per share, exceeding estimates, with revenues of $2.08 billion—a year-over-year increase of 8.6%.

Hsbc Holdings PLC reduced its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 33.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,884,992 shares of the company's stock after selling 952,597 shares during the quarter. Hsbc Holdings PLC owned 0.33% of Fastenal worth $145,835,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Horizon Financial Services LLC boosted its holdings in shares of Fastenal by 5,330.0% in 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 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 worth $44,000 after purchasing an additional 506 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Fastenal in the 1st quarter worth about $49,000. TruNorth Capital Management LLC purchased a new position in shares of Fastenal in the 1st quarter worth about $57,000. Finally, Golden State Wealth Management LLC boosted its holdings 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 worth $58,000 after purchasing an additional 736 shares in the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the completion of the sale, the executive vice president owned 11,994 shares in the company, valued at approximately $583,747.98. This trade represents a 36.32% decrease in their position. 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 stock in a transaction that occurred 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 completion of the sale, the insider owned 11,880 shares of the company's stock, valued at approximately $570,834. This trade represents a 80.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,230 shares of company stock worth $5,288,364. Corporate insiders own 0.37% of the company's stock.

Fastenal Trading Up 1.6%

Shares of FAST stock opened at $49.90 on Wednesday. The stock has a market capitalization of $57.27 billion, a PE ratio of 47.98, 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 $49.94. The business has a 50-day moving average of $44.83 and a 200 day moving average of $41.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12.

Fastenal (NASDAQ:FAST - Get Free Report) last released 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. Fastenal had a return on equity of 32.33% and a net margin of 15.30%.The business had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.07 billion. During the same quarter last year, the business posted $0.25 EPS. The business's revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastenal Company will post 2.15 earnings per share for the current 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. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 annualized dividend and a yield of 1.8%. Fastenal's dividend payout ratio (DPR) is 84.62%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FAST shares. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $47.00 to $55.00 in a report on Thursday, August 7th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. Loop Capital reiterated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 price objective on Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Finally, Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a report 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $46.36.

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.

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