Smith Anglin Financial LLC Invests $246,000 in Fastenal Company $FAST

Key Points

• Smith Anglin Financial LLC invested $246,000 in Fastenal Company during the second quarter, acquiring 5,846 shares.
• Insider sales totaled 111,230 shares worth over $5 million in the past three months, with company insiders now owning only 0.37% of the stock.
• Fastenal reported earnings of $0.29 per share for the last quarter, beating estimates, and its revenue increased by 8.6% compared to the previous year.

Smith Anglin Financial LLC bought a new position in shares of Fastenal Company (NASDAQ:FAST - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 5,846 shares of the company's stock, valued at approximately $246,000.

Other hedge funds also recently made changes to their positions in the company. Patton Fund Management Inc. bought a new stake in shares of Fastenal during the 2nd quarter worth $229,000. Charles Schwab Investment Management Inc. increased its holdings in Fastenal by 8.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,615,915 shares of the company's stock worth $1,753,864,000 after acquiring an additional 1,850,871 shares during the last quarter. Picton Mahoney Asset Management increased its holdings in Fastenal by 7.5% in the 1st quarter. Picton Mahoney Asset Management now owns 181,482 shares of the company's stock worth $14,074,000 after acquiring an additional 12,721 shares during the last quarter. KLP Kapitalforvaltning AS increased its holdings in Fastenal by 3.9% in the 1st quarter. KLP Kapitalforvaltning AS now owns 195,748 shares of the company's stock worth $15,180,000 after acquiring an additional 7,400 shares during the last quarter. Finally, Raiffeisen Bank International AG increased its holdings in Fastenal by 21.5% in the 1st quarter. Raiffeisen Bank International AG now owns 35,606 shares of the company's stock worth $2,712,000 after acquiring an additional 6,303 shares during the last quarter. 81.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP John Lewis Soderberg sold 34,612 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,662,414.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffery Michael Watts sold 48,724 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $570,834. The trade was a 80.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,230 shares of company stock worth $5,288,364 over the last three months. Company insiders own 0.37% of the company's stock.

Fastenal Stock Up 0.3%

FAST stock opened at $48.87 on Tuesday. The company has a quick ratio of 2.12, a current ratio of 4.22 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $56.09 billion, a PE ratio of 46.99, a PEG ratio of 4.43 and a beta of 0.97. Fastenal Company has a twelve month low of $34.69 and a twelve month high of $50.63. The stock has a 50-day simple moving average of $48.13 and a two-hundred day simple moving average of $43.35.

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

Fastenal Cuts Dividend

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on FAST shares. Stifel Nicolaus set a $82.00 price objective on Fastenal in a report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price objective on Fastenal from $41.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 4th. Loop Capital restated a "hold" rating on shares of Fastenal in a research report on Tuesday, July 15th. Robert W. Baird upgraded Fastenal from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $47.00 to $55.00 in a research report on Thursday, August 7th. Finally, Morgan Stanley set a $40.00 target price on Fastenal and gave the stock an "equal weight" rating in a research report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus 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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