State of Alaska Department of Revenue Boosts Position in Fastenal Company $FAST

Key Points

• The State of Alaska Department of Revenue increased its stake in Fastenal Company by 91.7% during the second quarter, owning 128,816 shares valued at approximately $5.41 million.
• Fastenal's recent earnings report exceeded expectations, with a reported EPS of $0.29, surpassing the consensus estimate of $0.28.
• Insider trading activity has been notable, with CFO Sheryl Ann Lisowski selling 21,052 shares, resulting in a 67.38% decrease in her ownership of the stock.

State of Alaska Department of Revenue lifted its stake in shares of Fastenal Company (NASDAQ:FAST - Free Report) by 91.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 128,816 shares of the company's stock after acquiring an additional 61,618 shares during the quarter. State of Alaska Department of Revenue's holdings in Fastenal were worth $5,410,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Armstrong Advisory Group Inc. increased its holdings in Fastenal by 100.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 696 shares of the company's stock worth $29,000 after purchasing an additional 348 shares during the period. AdvisorNet Financial Inc increased its holdings in Fastenal by 95.0% during the 2nd quarter. AdvisorNet Financial Inc now owns 702 shares of the company's stock worth $29,000 after purchasing an additional 342 shares during the period. Garde Capital Inc. increased its stake in shares of Fastenal by 4,900.0% during the second quarter. Garde Capital Inc. now owns 750 shares of the company's stock valued at $32,000 after buying an additional 735 shares during the period. SJS Investment Consulting Inc. increased its stake in shares of Fastenal by 86.3% during the second quarter. SJS Investment Consulting Inc. now owns 842 shares of the company's stock valued at $35,000 after buying an additional 390 shares during the period. Finally, 1248 Management LLC purchased a new position in shares of Fastenal during the first quarter valued at $36,000. 81.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on FAST shares. JPMorgan Chase & Co. raised their price target on Fastenal from $41.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 4th. Wolfe Research reissued a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Robert W. Baird raised shares of 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. Baird R W upgraded Fastenal from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Stephens lifted their price target on Fastenal from $40.00 to $45.00 and gave the company an "equal weight" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $46.82.

Insiders Place Their Bets

In other news, CFO Sheryl Ann Lisowski sold 21,052 shares of the business's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $45.21, for a total transaction of $951,760.92. Following the sale, the chief financial officer directly owned 10,192 shares of the company's stock, valued at $460,780.32. The trade was a 67.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP William Joseph Drazkowski sold 6,842 shares of the business's stock in a transaction dated Friday, August 15th. The shares were 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 approximately $583,747.98. The trade was a 36.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,230 shares of company stock worth $5,288,364 over the last ninety days. Insiders own 0.37% of the company's stock.

Fastenal Stock Up 1.8%

Shares of Fastenal stock opened at $48.70 on Monday. The firm's 50 day moving average price is $48.07 and its 200-day moving average price is $43.27. 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 Company has a 52-week low of $34.69 and a 52-week high of $50.63. The company has a market cap of $55.89 billion, a P/E ratio of 46.83, a PEG ratio of 4.43 and a beta of 0.97.

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

Fastenal Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 26th. Stockholders of record on Tuesday, July 29th were paid a dividend of $0.22 per share. 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 payout ratio is presently 84.62%.

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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