Ieq Capital LLC Lowers Stock Holdings in Fastenal Company $FAST

Key Points

• Ieq Capital LLC significantly reduced its position in Fastenal Company by 62.7%, selling 22,599 shares and now holds 13,427 shares worth approximately $1,041,000.
• Insider trading saw notable activity with Jeffery Michael Watts selling 48,724 shares for over $2.34 million, representing an 80.40% decrease in their holding.
• Analyst ratings for Fastenal are generally positive, with an average consensus rating of "Hold" and a price target increase from $47.00 to $55.00 issued by Robert W. Baird.

Ieq Capital LLC cut its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 62.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,427 shares of the company's stock after selling 22,599 shares during the period. Ieq Capital LLC's holdings in Fastenal were worth $1,041,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Harvest Portfolios Group Inc. grew its position in Fastenal by 6.9% in the first quarter. Harvest Portfolios Group Inc. now owns 22,601 shares of the company's stock worth $1,753,000 after acquiring an additional 1,451 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Fastenal by 4.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 39,436 shares of the company's stock valued at $3,058,000 after buying an additional 1,705 shares during the period. Groupe la Francaise boosted its position in Fastenal by 15.6% during the first quarter. Groupe la Francaise now owns 56,538 shares of the company's stock valued at $4,395,000 after buying an additional 7,643 shares during the period. Allstate Corp boosted its position in Fastenal by 23.5% during the first quarter. Allstate Corp now owns 20,755 shares of the company's stock valued at $1,610,000 after buying an additional 3,955 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in Fastenal by 1.3% during the first quarter. 1832 Asset Management L.P. now owns 42,786 shares of the company's stock valued at $3,318,000 after buying an additional 543 shares during the period. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Up 0.0%

Shares of NASDAQ FAST traded up $0.01 on Monday, reaching $48.00. 558,920 shares of the company's stock traded hands, compared to its average volume of 6,508,797. Fastenal Company has a 12 month low of $32.99 and a 12 month high of $50.63. The business's 50 day simple moving average is $46.90 and its two-hundred day simple moving average is $42.25. The company has a market cap of $55.08 billion, a price-to-earnings ratio of 46.08, a price-to-earnings-growth ratio of 4.36 and a beta of 0.97. 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 announced its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. The company 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%. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 earnings per share. As a group, equities research analysts forecast that Fastenal Company will post 2.15 EPS for the current fiscal year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were given a dividend of $0.22 per share. 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 (DPR) is 84.62%.

Insider Activity

In related news, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's 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 sale, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.05, for a total transaction of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 111,230 shares of company stock worth $5,288,364 over the last three months. 0.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a research report on Thursday, July 3rd. JPMorgan Chase & Co. upped their price target on shares of Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday. Stephens upped 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. Finally, Baird R W upgraded shares of Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $46.82.

About Fastenal

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.