Steginsky Capital LLC Sells 69,388 Shares of Fastenal Company $FAST

Key Points

• Steginsky Capital reduced its Fastenal position by 4%, selling 69,388 shares in the third quarter but retaining 1.65 million shares valued at approximately $81.7 million. Institutional investors collectively own 81.38% of Fastenal.
• Analysts have a mixed outlook, with six Buy, five Hold, and two Sell ratings; the consensus rating is Hold with a $49.50 price target.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while earnings per share matched estimates at $0.33. The company also increased its quarterly dividend to $0.26 per share, representing a 2.1% yield.

Steginsky Capital LLC lowered its position in Fastenal Company (NASDAQ:FAST - Free Report) by 4.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,649,829 shares of the company's stock after selling 69,388 shares during the quarter. Fastenal accounts for approximately 13.4% of Steginsky Capital LLC's holdings, making the stock its 3rd biggest holding. Steginsky Capital LLC owned 0.14% of Fastenal worth $81,716,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. High Net Worth Advisory Group LLC increased its stake in Fastenal by 2.4% during the 2nd quarter. High Net Worth Advisory Group LLC now owns 9,006 shares of the company's stock worth $433,000 after acquiring an additional 214 shares during the period. Tandem Investment Advisors Inc. lifted its position in shares of Fastenal by 1.8% during the 1st quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company's stock valued at $573,000 after acquiring an additional 224 shares during the period. Sound Income Strategies LLC lifted its position in shares of Fastenal by 12.9% during the 1st quarter. Sound Income Strategies LLC now owns 2,025 shares of the company's stock valued at $94,000 after acquiring an additional 232 shares during the period. Pure Financial Advisors LLC grew its holdings in shares of Fastenal by 3.4% during the 2nd quarter. Pure Financial Advisors LLC now owns 7,161 shares of the company's stock worth $344,000 after purchasing an additional 235 shares in the last quarter. Finally, Ausdal Financial Partners Inc. grew its holdings in shares of Fastenal by 2.9% during the 2nd quarter. Ausdal Financial Partners Inc. now owns 8,406 shares of the company's stock worth $404,000 after purchasing an additional 239 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Weiss Ratings downgraded Fastenal from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, September 11th. Sanford C. Bernstein reiterated an "underperform" rating on shares of Fastenal in a research note on Wednesday, July 15th. Morgan Stanley raised their target price on shares of Fastenal from $48.00 to $52.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Wolfe Research started coverage on shares of Fastenal in a research report on Tuesday, September 15th. They issued an "underperform" rating and a $51.00 target price for the company. Finally, William Blair restated an "outperform" rating on shares of Fastenal in a research report on Friday, September 4th. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Fastenal has a consensus rating of "Hold" and a consensus price target of $49.50.

Fastenal Price Performance

NASDAQ:FAST traded down $0.37 during trading hours on Wednesday, hitting $50.44. The company's stock had a trading volume of 1,945,984 shares, compared to its average volume of 7,778,323. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.18 and a quick ratio of 2.21. The company has a market capitalization of $57.88 billion, a P/E ratio of 42.70, a PEG ratio of 3.15 and a beta of 0.69. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The stock has a fifty day simple moving average of $50.05 and a 200-day simple moving average of $47.19.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $0.33 earnings per share for the quarter, meeting analysts' consensus estimates of $0.33. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. Fastenal had a net margin of 15.45% and a return on equity of 34.03%. The firm's quarterly revenue was up 14.7% compared to the same quarter last year. During the same period last year, the company posted $0.29 EPS. On average, analysts anticipate that Fastenal Company will post 1.26 EPS for the current fiscal year.

Fastenal Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th were issued a dividend of $0.26 per share. This is a positive change from Fastenal's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, July 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.1%. Fastenal's dividend payout ratio (DPR) is 88.14%.

Insiders Place Their Bets

In other news, Director Michael J. Ancius sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $49.00, for a total value of $147,000.00. Following the completion of the transaction, the director owned 58,690 shares of the company's stock, valued at $2,875,810. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Rita Heise sold 34,964 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director directly owned 20,000 shares in the company, valued at $1,001,000. The trade was a 63.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.28% of the company's stock.

Fastenal Company Profile

Fastenal Company is a distributor of industrial and construction supplies serving businesses, contractors, manufacturers and other organizations. Its product offerings include fasteners such as bolts, nuts and screws, as well as safety equipment, tools, cutting tools, material-handling products, electrical and plumbing supplies, and maintenance and repair items.

The company sells products through a network of branch locations, onsite customer facilities, industrial vending machines and digital platforms.

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