Invesco Ltd. Lowers Holdings in Fastenal Company (NASDAQ:FAST)

Key Points

• Invesco Ltd. reduced its holdings in Fastenal by 0.4% to approximately $512 million, owning about 1.15% of the company after selling over 25,000 shares in the first quarter.
• Fastenal recently declared a quarterly dividend of $0.22, resulting in an annualized rate of $0.88, which represents a 1.8% dividend yield.
• Wall Street analysts have a consensus "Hold" rating on Fastenal, with an average price target of $46.36, and several brokerages offering insights on future growth potential.

Invesco Ltd. trimmed its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 0.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,602,850 shares of the company's stock after selling 25,432 shares during the period. Invesco Ltd. owned about 1.15% of Fastenal worth $512,051,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Horizon Financial Services LLC increased its holdings in shares of Fastenal by 5,330.0% in the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after purchasing an additional 533 shares during the last quarter. Itau Unibanco Holding S.A. increased its holdings in shares of Fastenal by 481.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock worth $44,000 after purchasing an additional 506 shares during the last quarter. Zions Bancorporation National Association UT bought a new stake in shares of Fastenal in the first quarter worth about $49,000. TruNorth Capital Management LLC purchased a new position in Fastenal in the first quarter worth about $57,000. Finally, Golden State Wealth Management LLC grew its position in Fastenal by 5,661.5% in the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after acquiring an additional 736 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Fastenal Stock Up 1.6%

NASDAQ FAST traded up $0.76 during trading on Wednesday, reaching $49.21. 4,833,547 shares of the company's stock traded hands, compared to its average volume of 6,330,524. Fastenal Company has a 12-month low of $32.04 and a 12-month high of $49.26. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.22 and a quick ratio of 2.12. The firm has a market cap of $56.48 billion, a price-to-earnings ratio of 47.32, a price-to-earnings-growth ratio of 4.41 and a beta of 0.95. The company's 50 day simple moving average is $44.27 and its two-hundred day simple moving average is $40.73.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its 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. The business had revenue of $2.08 billion for 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%. The business's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. As a group, sell-side analysts forecast that Fastenal Company will post 2.15 EPS 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 paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, July 29th. Fastenal's dividend payout ratio is 84.62%.

Insider Buying and Selling

In related news, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction 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 transaction, the insider directly owned 11,880 shares in the company, valued at $570,834. The trade was a 80.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Lewis Soderberg sold 34,612 shares of the company's stock in a transaction on 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. Insiders sold 137,112 shares of company stock worth $6,304,410 in the last three months. 0.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FAST has been the subject of several recent research reports. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. 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. Stifel Nicolaus set a $82.00 price target on Fastenal in a research report on Thursday, July 3rd. Loop Capital reiterated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Finally, Stephens boosted their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $46.36.

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.