Mackenzie Financial Corp Reduces Stock Holdings in Fastenal Company (NASDAQ:FAST)

Key Points

• Mackenzie Financial Corp reduced its stake in Fastenal Company by 18.6%, holding 1,159,168 shares valued at approximately $89.89 million after selling 265,622 shares in Q1.
• Fastenal will pay a quarterly dividend of $0.22 on August 26th, resulting in an annualized yield of 1.89% and a high dividend payout ratio of 84.62%.
• Analysts have a consensus rating of "Hold" on Fastenal with an average price target of $45.64, following recent upgrades and downgrades by various research firms.

Mackenzie Financial Corp trimmed its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 18.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 1,159,168 shares of the company's stock after selling 265,622 shares during the quarter. Mackenzie Financial Corp owned about 0.20% of Fastenal worth $89,893,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its holdings in Fastenal by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 16,918,464 shares of the company's stock worth $1,214,002,000 after purchasing an additional 234,713 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in Fastenal by 0.9% in the fourth quarter. Baird Financial Group Inc. now owns 8,275,793 shares of the company's stock worth $595,112,000 after acquiring an additional 74,903 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Fastenal by 15.2% in the fourth quarter. Northern Trust Corp now owns 7,322,739 shares of the company's stock valued at $526,578,000 after purchasing an additional 966,629 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Fastenal by 1.7% in the fourth quarter. Royal Bank of Canada now owns 7,018,546 shares of the company's stock valued at $504,703,000 after purchasing an additional 116,866 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Fastenal by 0.5% during the fourth quarter. Invesco Ltd. now owns 6,628,282 shares of the company's stock valued at $476,640,000 after acquiring an additional 33,718 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FAST has been the subject of a number of recent research reports. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Robert W. Baird lifted their price objective on Fastenal from $43.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research note on Monday, July 14th. Stephens increased their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. increased their target price on Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $45.64.

Fastenal Stock Performance

Shares of FAST stock traded down $0.19 on Wednesday, reaching $46.41. The stock had a trading volume of 5,809,125 shares, compared to its average volume of 6,688,588. Fastenal Company has a 1 year low of $32.04 and a 1 year high of $48.10. The company has a 50 day simple moving average of $42.96 and a 200 day simple moving average of $40.03. The stock has a market cap of $53.26 billion, a P/E ratio of 44.63, a price-to-earnings-growth ratio of 4.27 and a beta of 0.96. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.01. The company 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%. Fastenal's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned $0.25 EPS. Equities research analysts expect that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. Fastenal's payout ratio is 84.62%.

Insider Activity

In other news, Director Scott Satterlee sold 19,340 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $39.76, for a total transaction of $768,861.70. Following the completion of the transaction, the director owned 50,000 shares in the company, valued at $1,987,750. This trade represents a 27.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total value of $951,760.92. Following the transaction, the chief financial officer owned 10,192 shares of the company's stock, valued at approximately $460,780.32. The trade was a 67.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,116 shares of company stock worth $3,069,670 over the last 90 days. Corporate insiders own 0.37% of the company's stock.

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.