Oak Asset Management LLC Purchases 92,615 Shares of Fastenal Company $FAST

Key Points

• Oak Asset Management LLC increased its holdings in Fastenal Company by 96.8% during the second quarter, now owning 188,334 shares worth approximately $7.91 million.
• Several institutional investors, including Oregon Public Employees Retirement Fund and Welch & Forbes LLC, have also raised their stakes in Fastenal, which is now over 81% owned by institutional investors.
• Fastenal's quarterly revenue rose by 8.6% year-over-year, and the company reported an EPS of $0.29, slightly exceeding analysts' expectations.

Oak Asset Management LLC grew its position in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 96.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,334 shares of the company's stock after buying an additional 92,615 shares during the quarter. Fastenal accounts for approximately 2.8% of Oak Asset Management LLC's holdings, making the stock its 8th largest position. Oak Asset Management LLC's holdings in Fastenal were worth $7,910,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Garde Capital Inc. raised its stake in shares of Fastenal by 4,900.0% during the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock valued at $32,000 after acquiring an additional 735 shares in the last quarter. 1248 Management LLC purchased a new position in Fastenal during the first quarter valued at approximately $36,000. Horizon Financial Services LLC increased its holdings in Fastenal by 5,330.0% during the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock valued at $42,000 after buying an additional 533 shares during the period. Carderock Capital Management Inc. purchased a new position in Fastenal during the second quarter valued at approximately $42,000. Finally, Zions Bancorporation National Association UT purchased a new position in Fastenal during the first quarter valued at approximately $49,000. 81.38% of the stock is owned by institutional investors.

Fastenal Trading Up 0.8%

NASDAQ:FAST traded up $0.36 on Friday, hitting $47.58. 13,747,553 shares of the stock were exchanged, compared to its average volume of 5,858,801. The stock has a market capitalization of $54.60 billion, a price-to-earnings ratio of 45.75, a P/E/G ratio of 4.33 and a beta of 0.97. Fastenal Company has a 52 week low of $34.69 and a 52 week high of $50.63. The company's 50-day moving average price is $47.84 and its 200 day moving average price is $42.95. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22.

Fastenal (NASDAQ:FAST - Get Free Report) last released its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $2.07 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. The business's revenue was up 8.6% on a year-over-year basis. On average, equities research analysts forecast that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, July 29th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.8%. Fastenal's dividend payout ratio is 84.62%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FAST shares. Stephens boosted their price objective on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. Morgan Stanley set a $40.00 price objective on shares of Fastenal and gave the stock an "equal weight" rating in a report on Thursday, July 3rd. Robert W. Baird upgraded shares of 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 report on Thursday, August 7th. Stifel Nicolaus set a $82.00 price objective on Fastenal in a research note on Thursday, July 3rd. Finally, Wolfe Research reaffirmed a "positive" rating on shares of Fastenal in a report on Monday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $46.82.

Insider Transactions at Fastenal

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of the stock in a transaction dated Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the transaction, the executive vice president owned 11,994 shares of the company's stock, valued at approximately $583,747.98. This represents a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Lewis Soderberg sold 34,612 shares of Fastenal stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $48.03, for a total value of $1,662,414.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,230 shares of company stock valued at $5,288,364. 0.37% of the stock is currently owned by corporate insiders.

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.