Mizuho Securities USA LLC Lowers Holdings in Fastenal Company (NASDAQ:FAST)

Key Points

• Mizuho Securities USA LLC reduced its stock position in Fastenal Company by 15.4%, now holding 45,914 shares worth approximately $3.56 million.
• Fastenal's quarterly revenue increased by 8.6% year-over-year, reaching $2.08 billion, and it reported an earnings per share (EPS) of $0.29, slightly beating analyst estimates.
• Analysts' ratings for Fastenal show a consensus of "Hold" with a price target of $46.36, amidst varied upgrades and downgrades from several research firms.

Mizuho Securities USA LLC cut its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,914 shares of the company's stock after selling 8,383 shares during the quarter. Mizuho Securities USA LLC's holdings in Fastenal were worth $3,561,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in FAST. Horizon Financial Services LLC raised its position in shares of Fastenal by 5,330.0% during 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 period. Itau Unibanco Holding S.A. raised its position in shares of Fastenal by 481.9% during 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 period. Zions Bancorporation National Association UT acquired a new position in shares of Fastenal during the first quarter worth approximately $49,000. TruNorth Capital Management LLC acquired a new position in shares of Fastenal during the first quarter worth approximately $57,000. Finally, Golden State Wealth Management LLC raised its position in shares of Fastenal by 5,661.5% during the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after purchasing an additional 736 shares during the period. 81.38% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fastenal

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of Fastenal stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $45.21, for a total value of $951,760.92. Following the completion of the sale, the chief financial officer owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This trade represents a 67.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider directly owned 11,880 shares of the company's stock, valued at $570,834. The trade was a 80.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,112 shares of company stock worth $6,304,410. 0.37% of the stock is owned by insiders.

Fastenal Stock Up 1.6%

Shares of FAST traded up $0.76 on Wednesday, reaching $49.21. The stock had a trading volume of 4,833,547 shares, compared to its average volume of 6,330,524. The firm has a market capitalization 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 has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The company has a 50-day simple moving average of $44.27 and a 200-day simple moving average of $40.73. Fastenal Company has a 12-month low of $32.04 and a 12-month high of $49.26.

Fastenal (NASDAQ:FAST - Get Free Report) last released its earnings results on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.01. The company had revenue of $2.08 billion during 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 firm's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 EPS. Sell-side analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be paid 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 yield of 1.8%. Fastenal's payout ratio is presently 84.62%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Loop Capital restated a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a research note on Thursday, July 3rd. Baird R W raised Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Morgan Stanley set a $40.00 price target on Fastenal and gave the company an "equal weight" rating in a research report on Thursday, July 3rd. Finally, JPMorgan Chase & Co. upped their price target on Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $46.36.

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.