Ninepoint Partners LP Purchases New Stake in Fastenal Company $FAST

Key Points

• Ninepoint Partners acquired 21,881 Fastenal shares during the second quarter, valued at approximately $1.05 million. Institutional investors and hedge funds collectively own 81.38% of the company.
• Fastenal reported quarterly EPS of $0.33, in line with estimates, while revenue of $2.39 billion exceeded expectations and rose 14.7% year over year.
• The company raised its quarterly dividend to $0.26 per share, equivalent to an annualized $1.04 payout and a 2.1% yield. Analysts maintain a mixed outlook, with an average “Hold” rating and a $49.17 price target.

Ninepoint Partners LP acquired a new position in Fastenal Company (NASDAQ:FAST - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,881 shares of the company's stock, valued at approximately $1,051,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FAST. BlackRock Inc. purchased a new position in shares of Fastenal in the 2nd quarter valued at about $5,105,454,000. State Street Corp lifted its stake in shares of Fastenal by 1.2% in the fourth quarter. State Street Corp now owns 54,734,674 shares of the company's stock valued at $2,196,502,000 after purchasing an additional 631,889 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Fastenal by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company's stock worth $1,898,031,000 after buying an additional 919,158 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Fastenal by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company's stock worth $1,508,216,000 after buying an additional 685,047 shares in the last quarter. Finally, Invesco Ltd. grew its position in Fastenal by 14.0% during the third quarter. Invesco Ltd. now owns 18,215,875 shares of the company's stock worth $893,307,000 after buying an additional 2,242,116 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Buying and Selling

In related news, Director Rita J. Heise sold 34,964 shares of the company's stock in a transaction that occurred on 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 owned 20,000 shares of the company's stock, valued at approximately $1,001,000. This represents a 63.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the sale, the director owned 58,690 shares in the company, valued at approximately $2,875,810. This trade represents a 4.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FAST shares. DA Davidson reaffirmed a "neutral" rating and issued a $46.00 target price on shares of Fastenal in a report on Wednesday, July 15th. Wolfe Research reissued an "underperform" rating and set a $47.00 price target on shares of Fastenal in a research note on Thursday, July 9th. Robert W. Baird set a $54.00 price target on Fastenal in a report on Friday, August 7th. Weiss Ratings downgraded Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Fastenal presently has an average rating of "Hold" and an average price target of $49.17.

Fastenal Price Performance

Shares of NASDAQ FAST opened at $50.66 on Friday. The company has a current ratio of 4.18, a quick ratio of 2.21 and a debt-to-equity ratio of 0.01. The company's 50-day moving average price is $47.86 and its 200 day moving average price is $46.33. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. The stock has a market cap of $58.13 billion, a price-to-earnings ratio of 42.93, a PEG ratio of 3.21 and a beta of 0.72.

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

Fastenal Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's payout ratio is presently 88.14%.

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.

Want to see what other hedge funds are holding FAST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fastenal Company (NASDAQ:FAST - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source