Okabena Investment Services Inc. Reduces Holdings in Fastenal Company $FAST

Key Points

• Okabena Investment Services cut its Fastenal holdings by 63.1% in the second quarter, selling 46,400 shares and retaining 27,134 shares worth about $1.3 million. Institutional investors and hedge funds still own 81.38% of the company.
• Fastenal directors also reduced their positions, with Rita J. Heise selling 34,964 shares and Michael J. Ancius selling 3,000 shares. Insiders own just 0.28% of the company.
• Analysts maintain a broadly neutral view, with a consensus “Hold” rating and a $49.17 price target. Fastenal reported quarterly revenue growth of 14.7% year over year and raised its quarterly dividend to $0.26, or $1.04 annually.

Okabena Investment Services Inc. lessened its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 63.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,134 shares of the company's stock after selling 46,400 shares during the period. Okabena Investment Services Inc.'s holdings in Fastenal were worth $1,303,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Brighton Jones LLC purchased a new position in Fastenal during the fourth quarter worth $496,000. Integrated Wealth Concepts LLC increased its position in Fastenal by 2.4% during the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company's stock worth $487,000 after purchasing an additional 147 shares in the last quarter. Quantbot Technologies LP acquired a new position in Fastenal in the 2nd quarter valued at about $158,000. Jump Financial LLC purchased a new position in Fastenal in the 2nd quarter valued at about $2,199,000. Finally, Cary Street Partners Financial LLC boosted its stake in shares of Fastenal by 111.0% during the 2nd quarter. Cary Street Partners Financial LLC now owns 3,367 shares of the company's stock worth $141,000 after purchasing an additional 1,771 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Rita J. Heise sold 34,964 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Ancius sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total transaction of $147,000.00. Following the sale, the director directly owned 58,690 shares of the company's stock, 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. Insiders own 0.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FAST. DA Davidson reissued a "neutral" rating and issued a $46.00 price objective on shares of Fastenal in a research report on Wednesday, July 15th. Weiss Ratings raised shares of Fastenal from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday. Barclays reduced their price target on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 16th. Wolfe Research restated an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a report on Thursday, July 9th. Finally, Robert W. Baird set a $54.00 price objective on Fastenal in a research report on Friday, August 7th. Five investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $49.17.

Fastenal Stock Down 2.6%

Shares of NASDAQ FAST opened at $49.78 on Friday. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The firm has a fifty day moving average of $48.45 and a 200-day moving average of $46.50. The stock has a market capitalization of $57.12 billion, a PE ratio of 42.19, a P/E/G ratio of 3.11 and a beta of 0.72. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01.

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

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were paid a $0.26 dividend. The ex-dividend date of this dividend was 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 dividend payout ratio is presently 88.14%.

Fastenal Company 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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