Portfolio Design Labs LLC Makes New Investment in Fastenal Company $FAST

Key Points

• Portfolio Design Labs bought 32,160 Fastenal shares during the second quarter, valued at approximately $1.545 million. Institutional investors and hedge funds collectively own 81.38% of the company.
• Fastenal reported quarterly earnings of $0.33 per share, in line with estimates, while revenue of $2.39 billion exceeded forecasts and rose 14.7% year over year.
• The company raised its quarterly dividend to $0.26 per share, implying an annualized dividend of $1.04 and a 2.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $49.17.

Portfolio Design Labs LLC purchased a new stake in Fastenal Company (NASDAQ:FAST - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 32,160 shares of the company's stock, valued at approximately $1,545,000.

Several other large investors have also modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Fastenal during the 2nd quarter worth approximately $5,105,454,000. State Street Corp lifted its stake in Fastenal by 1.2% in the 4th quarter. State Street Corp now owns 54,734,674 shares of the company's stock valued at $2,196,502,000 after buying an additional 631,889 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Fastenal by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 47,297,047 shares of the company's stock valued at $1,898,031,000 after buying an additional 919,158 shares during the last quarter. Geode Capital Management LLC grew its holdings in Fastenal by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 37,699,836 shares of the company's stock valued at $1,508,216,000 after buying an additional 685,047 shares during the last quarter. Finally, Invesco Ltd. increased 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 in the last quarter. 81.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FAST. Weiss Ratings cut Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. Wolfe Research reaffirmed an "underperform" rating and set a $47.00 price objective on shares of Fastenal in a research note on Thursday, July 9th. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the company a "buy" rating in a research note on Monday, July 13th. Finally, Robert W. Baird set a $54.00 target price on shares of Fastenal in a report on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $49.17.

Fastenal Price Performance

FAST opened at $50.66 on Friday. Fastenal Company has a 1 year low of $38.97 and a 1 year high of $52.92. The company's 50 day simple moving average is $47.86 and its 200 day simple moving average is $46.33. The stock has a market capitalization of $58.13 billion, a PE ratio of 42.93, a P/E/G ratio of 3.21 and a beta of 0.72. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.21 and a current ratio of 4.18.

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

Fastenal Increases Dividend

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

Insiders Place Their Bets

In other news, Director Michael J. Ancius sold 3,000 shares of Fastenal 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 transaction, the director directly owned 58,690 shares of the company's stock, valued at $2,875,810. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 sale, the director owned 20,000 shares of the company's stock, valued at $1,001,000. The trade was a 63.61% decrease in their position. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.

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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