Parallax Volatility Advisers L.P. Has $1.25 Million Position in Fastenal Company $FAST

Key Points

• Parallax Volatility Advisers L.P. has reduced its position in Fastenal by 69.2%, now holding 16,136 shares worth approximately $1.25 million.
• Insider trading showed significant sales, with executives like Jeffery Michael Watts selling over 48,000 shares, reducing their positions by up to 80.40%.
• Fastenal's recent earnings report exceeded analysts' expectations with a revenue of $2.08 billion and an EPS of $0.29, marking an 8.6% year-over-year increase.

Parallax Volatility Advisers L.P. lowered its position in Fastenal Company (NASDAQ:FAST - Free Report) by 69.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,136 shares of the company's stock after selling 36,299 shares during the quarter. Parallax Volatility Advisers L.P.'s holdings in Fastenal were worth $1,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in FAST. Oregon Public Employees Retirement Fund increased its position in Fastenal by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 49,219 shares of the company's stock valued at $3,817,000 after purchasing an additional 130 shares during the period. Welch & Forbes LLC increased its position in Fastenal by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 32,992 shares of the company's stock valued at $2,559,000 after purchasing an additional 135 shares during the period. Principal Securities Inc. increased its position in Fastenal by 0.9% during the 1st quarter. Principal Securities Inc. now owns 15,886 shares of the company's stock valued at $1,142,000 after purchasing an additional 140 shares during the period. Salvus Wealth Management LLC increased its position in Fastenal by 1.6% during the 1st quarter. Salvus Wealth Management LLC now owns 9,000 shares of the company's stock valued at $698,000 after purchasing an additional 141 shares during the period. Finally, Essex Financial Services Inc. increased its position in Fastenal by 1.7% during the 1st quarter. Essex Financial Services Inc. now owns 8,870 shares of the company's stock valued at $688,000 after purchasing an additional 147 shares during the period. Institutional investors and hedge funds own 81.38% of the company's stock.

Insider Transactions at Fastenal

In related news, insider Jeffery Michael Watts sold 48,724 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $48.05, for a total value of $2,341,188.20. Following the transaction, the insider directly owned 11,880 shares in the company, valued at $570,834. This trade represents a 80.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Sheryl Ann Lisowski sold 21,052 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer owned 10,192 shares in the company, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock valued at $5,288,364 in the last 90 days. 0.37% of the stock is currently owned by company insiders.

Fastenal Price Performance

Fastenal stock opened at $47.99 on Friday. The stock has a market capitalization of $55.08 billion, a price-to-earnings ratio of 46.14, a PEG ratio of 4.37 and a beta of 0.97. Fastenal Company has a 52-week low of $32.53 and a 52-week high of $50.63. The stock's 50 day moving average price is $46.90 and its two-hundred day moving average price is $42.21. 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 issued its earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) 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 company had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.07 billion. During the same period last year, the business earned $0.25 EPS. Fastenal's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Loop Capital reissued a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Stephens increased their target price on shares of Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Robert W. Baird raised shares of Fastenal from a "neutral" rating to an "outperform" rating and increased their target price for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. Northcoast Research initiated coverage on Fastenal in a report on Thursday, August 21st. They set a "neutral" rating on the stock. Finally, Stifel Nicolaus set a $82.00 price target on Fastenal in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Fastenal has a consensus rating of "Hold" and a consensus target price of $46.82.

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.

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