Oppenheimer Asset Management Inc. Takes $10.85 Million Position in Fastenal Company $FAST

Key Points

• Oppenheimer Asset Management acquired 225,805 Fastenal shares worth approximately $10.85 million during the second quarter. Institutional investors collectively own 81.38% of the company.
• Fastenal’s latest quarterly results exceeded revenue expectations: earnings per share matched estimates at $0.33, while revenue rose 14.7% year over year to $2.39 billion.
• Analysts maintain a mixed outlook, with the stock carrying an average “Hold” rating and a $49.17 price target. Fastenal increased its quarterly dividend from $0.24 to $0.26 per share, equating to a 2.0% annual yield.

Oppenheimer Asset Management Inc. acquired a new stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 225,805 shares of the company's stock, valued at approximately $10,845,000.

A number of other hedge funds have also recently bought and sold shares of the company. Elyxium Wealth LLC purchased a new position in shares of Fastenal during the 4th quarter worth $25,000. Palladiem LLC purchased a new stake in shares of Fastenal in the fourth quarter valued at $25,000. Evergreen Advisors LLC purchased a new stake in shares of Fastenal in the first quarter valued at $26,000. MV Capital Management Inc. purchased a new stake in shares of Fastenal in the fourth quarter valued at $29,000. Finally, Field & Main Bank acquired a new position in Fastenal in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 81.38% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FAST. Rothschild & Co Redburn set a $55.00 target price on Fastenal and gave the stock a "buy" rating in a research report on Monday, July 13th. Wolfe Research restated an "underperform" rating and issued a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Robert W. Baird set a $54.00 price objective on shares of Fastenal in a research note on Friday, August 7th. Jefferies Financial Group reiterated a "buy" rating on shares of Fastenal in a report on Thursday, June 4th. Finally, Morgan Stanley raised their target price on shares of Fastenal from $48.00 to $52.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Fastenal presently has an average rating of "Hold" and an average price target of $49.17.

Insider Transactions at Fastenal

In related 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 value of $1,749,948.20. Following the transaction, the director owned 20,000 shares in the company, valued at approximately $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael J. Ancius sold 3,000 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, 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. Corporate insiders own 0.28% of the company's stock.

Fastenal Trading Down 0.6%

NASDAQ FAST opened at $51.02 on Friday. The company's fifty day simple moving average is $47.47 and its 200-day simple moving average is $46.10. Fastenal Company has a 52 week low of $38.97 and a 52 week high of $52.92. 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 stock has a market cap of $58.55 billion, a P/E ratio of 43.24, a PEG ratio of 3.20 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 for the quarter, meeting the consensus estimate of $0.33. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the prior year, the firm earned $0.29 earnings per share. The business's quarterly revenue was up 14.7% compared to the same quarter last year. Equities research analysts predict that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, July 28th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, July 28th. This is an increase from Fastenal's previous quarterly dividend of $0.24. Fastenal's dividend payout ratio is currently 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