Fastenal Company (NASDAQ:FAST) Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI reduced its stake in Fastenal Company by 37.3%, owning 244,177 shares worth approximately $18.9 million after selling 145,059 shares in the first quarter.
• Fastenal recently reported a quarterly earnings per share of $0.29, surpassing analysts' expectations of $0.28, with revenue of $2.08 billion in the quarter.
• The company announced a dividend of $0.22 per share, leading to a dividend yield of 1.8%, following a payout ratio of 84.62%.

National Bank of Canada FI trimmed its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 37.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,177 shares of the company's stock after selling 145,059 shares during the period. National Bank of Canada FI's holdings in Fastenal were worth $18,936,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Horizon Financial Services LLC grew 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 buying an additional 533 shares in the last quarter. Itau Unibanco Holding S.A. raised its stake 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 valued at $44,000 after purchasing an additional 506 shares in the last quarter. TruNorth Capital Management LLC acquired a new stake in Fastenal in the 1st quarter valued at about $57,000. Golden State Wealth Management LLC boosted its stake in shares of Fastenal by 5,661.5% during the 1st 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. Finally, Close Asset Management Ltd increased its stake in Fastenal by 156.4% in the 1st quarter. Close Asset Management Ltd now owns 800 shares of the company's stock worth $62,000 after purchasing an additional 488 shares in the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Fastenal Stock Performance

Shares of Fastenal stock traded up $0.76 during trading hours on Wednesday, reaching $49.21. The company had a trading volume of 4,833,547 shares, compared to its average volume of 6,645,967. Fastenal Company has a one year low of $32.04 and a one year high of $49.26. The business has a fifty day simple moving average of $44.27 and a 200 day simple moving average of $40.73. 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 PE ratio of 47.32, a price-to-earnings-growth ratio of 4.36 and a beta of 0.95.

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, topping 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 during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company's revenue was up 8.6% compared to the same quarter last year. On average, analysts anticipate that Fastenal Company will post 2.15 earnings per share 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 given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, July 29th. Fastenal's dividend payout ratio (DPR) is 84.62%.

Insider Buying and Selling at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the transaction, the insider directly owned 11,880 shares of the company's stock, valued at approximately $570,834. This trade represents a 80.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 10,192 shares in the company, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. 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.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Fastenal from $38.00 to $41.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Robert W. Baird raised Fastenal from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $47.00 to $55.00 in a research note on Thursday, August 7th. Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Stephens lifted their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 15th. Finally, Baird R W raised shares of Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $46.36.

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.