Madison Asset Management LLC Acquires Shares of 209,174 Fastenal Company $FAST

Key Points

• Madison Asset Management acquired 209,174 Fastenal shares during the second quarter, valued at approximately $10.05 million. Institutional investors collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share and revenue of $2.39 billion, with revenue up 14.7% year over year. Shares opened at $51.44, near the company’s 12-month high.
• The company raised its quarterly dividend from $0.24 to $0.26 per share, providing an annualized dividend of $1.04 and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $49.17.

Madison Asset Management LLC bought a new position in Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 209,174 shares of the company's stock, valued at approximately $10,047,000.

A number of other institutional investors have also modified their holdings of FAST. Elyxium Wealth LLC purchased a new stake in shares of Fastenal in the fourth quarter valued at approximately $25,000. Palladiem LLC bought a new stake in Fastenal during the 4th quarter valued at $25,000. Evergreen Advisors LLC bought a new stake in Fastenal during the 1st quarter valued at $26,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Fastenal in the 2nd quarter worth $26,000. Finally, MV Capital Management Inc. bought a new position in shares of Fastenal during the 4th quarter worth $29,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fastenal

In other news, Director Michael J. Ancius sold 3,000 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director directly owned 58,690 shares in the company, valued at $2,875,810. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total value of $1,749,948.20. Following the sale, the director directly owned 20,000 shares of the company's stock, valued at $1,001,000. This trade represents a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.28% of the company's stock.

Fastenal Trading Up 0.3%

Shares of Fastenal stock opened at $51.44 on Thursday. The firm's 50 day simple moving average is $47.78 and its two-hundred day simple moving average is $46.28. The firm has a market capitalization of $59.03 billion, a price-to-earnings ratio of 43.59, a PEG ratio of 3.20 and a beta of 0.72. Fastenal Company has a 12-month low of $38.97 and a 12-month high of $52.92. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting the consensus estimate of $0.33. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business's revenue for the quarter was up 14.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.29 earnings per share. Analysts predict that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, July 28th. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's payout ratio is presently 88.14%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. DA Davidson reaffirmed a "neutral" rating and issued a $46.00 price objective on shares of Fastenal in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a "buy" rating in a research report on Monday, July 13th. Weiss Ratings cut shares of Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Wolfe Research reiterated an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Fastenal presently has a consensus rating of "Hold" and an average target price of $49.17.

Fastenal Profile

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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