Riverbridge Partners LLC Raises Stock Holdings in Fastenal Company $FAST

Key Points

• Riverbridge Partners LLC increased its stake in Fastenal Company by 95.1% during the second quarter, owning approximately 2.6 million shares worth about $110 million.
• Several other institutional investors have also boosted their positions in Fastenal, with GAMMA Investing LLC increasing its stake by an astounding 8,541% in the first quarter.
• In recent insider trading, EVP William Joseph Drazkowski sold 6,842 shares at an average price of $48.67, marking a 36.32% decrease in his ownership of the company's stock.

Riverbridge Partners LLC boosted its holdings in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 95.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,617,934 shares of the company's stock after purchasing an additional 1,275,815 shares during the quarter. Fastenal makes up 1.8% of Riverbridge Partners LLC's holdings, making the stock its 16th largest position. Riverbridge Partners LLC owned about 0.23% of Fastenal worth $109,953,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FAST. Charles Schwab Investment Management Inc. boosted its position in Fastenal by 8.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after purchasing an additional 1,850,871 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Fastenal by 8,541.0% in the first quarter. GAMMA Investing LLC now owns 1,694,235 shares of the company's stock valued at $131,388,000 after acquiring an additional 1,674,628 shares in the last quarter. Confluence Investment Management LLC lifted its position in shares of Fastenal by 97.5% in the second quarter. Confluence Investment Management LLC now owns 3,280,009 shares of the company's stock valued at $137,760,000 after acquiring an additional 1,619,507 shares in the last quarter. Nuveen LLC purchased a new position in shares of Fastenal in the first quarter valued at approximately $119,136,000. Finally, Champlain Investment Partners LLC lifted its position in shares of Fastenal by 266.4% in the first quarter. Champlain Investment Partners LLC now owns 1,824,055 shares of the company's stock valued at $141,455,000 after acquiring an additional 1,326,260 shares in the last quarter. Hedge funds and other institutional investors own 81.38% of the company's stock.

Insiders Place Their Bets

In other Fastenal news, EVP William Joseph Drazkowski sold 6,842 shares of Fastenal stock in a transaction on Friday, August 15th. The stock was sold at an average price of $48.67, for a total value of $333,000.14. Following the sale, the executive vice president owned 11,994 shares in the company, valued at $583,747.98. The trade was a 36.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffery Michael Watts sold 48,724 shares of Fastenal stock in a transaction on Friday, August 8th. The shares were sold at an average price of $48.05, for a total value of $2,341,188.20. Following the completion of the sale, the insider owned 11,880 shares in the company, valued at $570,834. This represents a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,230 shares of company stock worth $5,288,364 over the last ninety days. Company insiders own 0.37% of the company's stock.

Fastenal Stock Performance

Shares of Fastenal stock opened at $47.54 on Thursday. Fastenal Company has a one year low of $34.69 and a one year high of $50.63. The company has a market cap of $54.56 billion, a price-to-earnings ratio of 45.71, a PEG ratio of 4.36 and a beta of 0.97. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The business's 50 day moving average price is $47.98 and its 200 day moving average price is $43.07.

Fastenal (NASDAQ:FAST - Get Free Report) last announced its quarterly earnings data on Monday, July 14th. The company reported $0.29 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 firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter last year, the business posted $0.25 earnings per share. The firm's revenue was up 8.6% compared to the same quarter last year. On average, research analysts predict that Fastenal Company will post 2.15 EPS for the current year.

Fastenal Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th were given a $0.22 dividend. The ex-dividend date was Tuesday, July 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.9%. Fastenal's payout ratio is currently 84.62%.

Analyst Ratings Changes

FAST has been the topic of several research reports. Stephens raised their target price on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Northcoast Research initiated coverage on Fastenal in a research report on Thursday, August 21st. They issued a "neutral" rating on the stock. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and raised their target price for the company from $47.00 to $55.00 in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research report on Thursday, September 4th. Finally, Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fastenal has an average rating of "Hold" and an average target price of $46.82.

Fastenal Company 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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