Shell Asset Management Co. Has $9.52 Million Stock Holdings in Fastenal Company $FAST

Key Points

• Shell Asset Management Co. significantly increased its stake in Fastenal Company by 133.7%, now holding 226,727 shares valued at approximately $9.52 million.
• Fastenal recently reported a quarterly earnings per share (EPS) of $0.29, exceeding expectations, and achieved revenue of $2.08 billion, representing an 8.6% increase year-over-year.
• Insider activity at Fastenal showed significant share sales, with EVP John Lewis Soderberg selling over 34,000 shares for about $1.66 million, indicating a 36.32% reduction in his ownership position.

Shell Asset Management Co. raised its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 133.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 226,727 shares of the company's stock after purchasing an additional 129,699 shares during the period. Shell Asset Management Co.'s holdings in Fastenal were worth $9,523,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Riverview Trust Co grew its position in shares of Fastenal by 100.0% during the 2nd quarter. Riverview Trust Co now owns 584 shares of the company's stock valued at $25,000 after acquiring an additional 292 shares during the period. Hilltop National Bank bought a new stake in shares of Fastenal during the 2nd quarter worth $27,000. Armstrong Advisory Group Inc. increased its position in shares of Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock valued at $29,000 after purchasing an additional 348 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Fastenal by 95.0% in the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after acquiring an additional 342 shares during the last quarter. Finally, Clean Yield Group grew its stake in shares of Fastenal by 100.0% during the second quarter. Clean Yield Group now owns 696 shares of the company's stock valued at $29,000 after buying an additional 348 shares during the last quarter. Institutional investors own 81.38% of the company's stock.

Insider Activity at Fastenal

In other Fastenal news, EVP John Lewis Soderberg sold 34,612 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $48.03, for a total value of $1,662,414.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP William Joseph Drazkowski sold 6,842 shares of the 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 transaction, the executive vice president directly owned 11,994 shares in the company, valued at approximately $583,747.98. This represents a 36.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,230 shares of company stock valued at $5,288,364. Corporate insiders own 0.37% of the company's stock.

Fastenal Price Performance

Shares of Fastenal stock opened at $47.78 on Tuesday. The business has a 50-day moving average price of $48.20 and a 200 day moving average price of $43.71. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63. The firm has a market cap of $54.83 billion, a PE ratio of 45.94, a P/E/G ratio of 4.34 and a beta of 0.94. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings data on Monday, July 14th. The company reported $0.29 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.07 billion. During the same period in the prior year, the company earned $0.25 EPS. The firm's revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that Fastenal Company will post 2.15 earnings per share for the current fiscal year.

Fastenal Cuts Dividend

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

Analysts Set New Price Targets

FAST has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Fastenal in a research note on Saturday, September 27th. Stephens raised their price target 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. Stifel Nicolaus set a $82.00 price target on shares of Fastenal in a report on Thursday, July 3rd. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, Loop Capital reiterated a "hold" rating on shares of Fastenal in a research note on Tuesday, July 15th. 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. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $47.25.

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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