Interval Partners LP Has $5 Million Stock Position in Fastenal Company $FAST

Key Points

• Interval Partners LP increased its stake in Fastenal Company by 27.0%, now owning 64,505 shares valued at approximately $5 million.
• Several major hedge funds, including Vanguard Group and Charles Schwab, have also increased their positions in Fastenal, indicating strong institutional interest in the stock.
• Fastenal reported a 0.29 EPS for the last quarter, exceeding analysts' expectations, and achieved a revenue of $2.08 billion, marking an 8.6% increase year-over-year.

Interval Partners LP increased its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 27.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,505 shares of the company's stock after acquiring an additional 13,705 shares during the period. Interval Partners LP's holdings in Fastenal were worth $5,002,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Cinctive Capital Management LP purchased a new stake in shares of Fastenal during the first quarter worth $2,011,000. Concentric Capital Strategies LP acquired a new stake in shares of Fastenal in the first quarter worth about $20,577,000. Alliancebernstein L.P. lifted its position in shares of Fastenal by 1.3% in the first quarter. Alliancebernstein L.P. now owns 607,120 shares of the company's stock worth $47,082,000 after buying an additional 7,989 shares during the last quarter. Amundi lifted its position in shares of Fastenal by 16.3% in the first quarter. Amundi now owns 2,247,162 shares of the company's stock worth $174,955,000 after buying an additional 315,660 shares during the last quarter. Finally, Rench Wealth Management Inc. lifted its position in shares of Fastenal by 1.7% in the first quarter. Rench Wealth Management Inc. now owns 81,464 shares of the company's stock worth $6,317,000 after buying an additional 1,384 shares during the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Performance

Shares of Fastenal stock traded down $2.28 during trading on Friday, reaching $47.99. The company's stock had a trading volume of 9,382,497 shares, compared to its average volume of 5,178,352. 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 business's fifty day moving average price is $46.90 and its 200-day moving average price is $42.25. The firm has a market cap of $55.08 billion, a price-to-earnings ratio of 46.14, a price-to-earnings-growth ratio of 4.36 and a beta of 0.97. Fastenal Company has a one year low of $32.53 and a one year high of $50.63.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period in the previous year, the company posted $0.25 earnings per share. The company's quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities research analysts predict that Fastenal Company will post 2.15 earnings per share for the current 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 paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.8%. The ex-dividend date was Tuesday, July 29th. Fastenal's payout ratio is currently 84.62%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Robert W. Baird raised Fastenal from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. Stephens boosted their price target on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, Northcoast Research started coverage on Fastenal in a research note on Thursday, August 21st. They issued a "neutral" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fastenal has a consensus rating of "Hold" and a consensus target price of $46.82.

Insider Transactions at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the business's stock in a transaction dated Friday, August 8th. The shares were 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. Over the last three months, insiders have sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is currently owned by insiders.

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.