S Bank Fund Management Ltd Invests $911,000 in Fastenal Company (NASDAQ:FAST)

Key Points

• S Bank Fund Management Ltd has invested approximately $911,000 in Fastenal Company by purchasing 11,746 shares in the first quarter of 2023.
• Fastenal reported quarterly earnings of $0.29 per share, surpassing analysts' expectations and showing an 8.6% year-over-year revenue increase to $2.08 billion.
• Insider transactions included CFO Sheryl Ann Lisowski selling 21,052 shares worth nearly $951,761, reducing her ownership by 67.38%.

S Bank Fund Management Ltd bought a new position in Fastenal Company (NASDAQ:FAST - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,746 shares of the company's stock, valued at approximately $911,000.

Other hedge funds also recently made changes to their positions in the company. Horizon Financial Services LLC lifted its stake in shares of Fastenal by 5,330.0% in the 1st quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after acquiring an additional 533 shares during the period. Itau Unibanco Holding S.A. raised its position in Fastenal by 481.9% during the fourth quarter. Itau Unibanco Holding S.A. now owns 611 shares of the company's stock worth $44,000 after acquiring an additional 506 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in Fastenal during the first quarter worth about $49,000. TruNorth Capital Management LLC acquired a new position in Fastenal during the first quarter worth about $57,000. Finally, Golden State Wealth Management LLC raised its position in Fastenal by 5,661.5% during the first quarter. Golden State Wealth Management LLC now owns 749 shares of the company's stock worth $58,000 after acquiring an additional 736 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FAST. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Morgan Stanley set a $40.00 target price on shares of Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. Stifel Nicolaus set a $82.00 target price on shares of Fastenal in a research report on Thursday, July 3rd. Stephens lifted their price target on shares of Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 15th. Finally, Wolfe Research reiterated a "positive" rating on shares of Fastenal in a report on Monday, July 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $46.36.

Insider Transactions at Fastenal

In other Fastenal news, CFO Sheryl Ann Lisowski sold 21,052 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the completion of the sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at approximately $460,780.32. This represents a 67.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Lewis Soderberg sold 34,612 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $48.03, for a total transaction of $1,662,414.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 137,112 shares of company stock worth $6,304,410. Insiders own 0.37% of the company's stock.

Fastenal Price Performance

Fastenal stock opened at $48.45 on Wednesday. The company has a market cap of $55.60 billion, a price-to-earnings ratio of 46.59, a PEG ratio of 4.36 and a beta of 0.95. 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 Company has a 1 year low of $32.04 and a 1 year high of $48.54. The firm has a 50 day moving average price of $44.10 and a 200 day moving average price of $40.67.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Monday, July 14th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The firm had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.07 billion. Fastenal had a net margin of 15.30% and a return on equity of 32.33%. The firm's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current year.

Fastenal Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 annualized dividend and a dividend yield of 1.8%. Fastenal's dividend payout ratio is currently 84.62%.

About Fastenal

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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