TD Asset Management Inc Reduces Holdings in Fastenal Company (NASDAQ:FAST)

Key Points

• TD Asset Management Inc reduced its stake in Fastenal Company by 6.6% during the first quarter, now holding approximately 0.45% of the company worth $201.4 million.
• Fastenal reported earnings of $0.29 per share for the latest quarter, exceeding estimates, with a revenue increase of 8.6% year-over-year, totaling $2.08 billion.
• The company announced a quarterly dividend of $0.22, representing an annualized yield of 1.84%, set to be paid to stockholders on August 26.

TD Asset Management Inc cut its holdings in Fastenal Company (NASDAQ:FAST - Free Report) by 6.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,597,371 shares of the company's stock after selling 183,233 shares during the quarter. TD Asset Management Inc owned 0.45% of Fastenal worth $201,426,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of FAST. Horizon Financial Services LLC boosted its stake in Fastenal by 5,330.0% during the first quarter. Horizon Financial Services LLC now owns 543 shares of the company's stock worth $42,000 after buying an additional 533 shares during the period. Itau Unibanco Holding S.A. lifted its position in shares of 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 purchasing an additional 506 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in shares of Fastenal during the first quarter worth $57,000. Golden State Wealth Management LLC lifted its position in shares of 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 purchasing an additional 736 shares during the last quarter. Finally, Close Asset Management Ltd lifted its position in shares of Fastenal by 156.4% during the first quarter. Close Asset Management Ltd now owns 800 shares of the company's stock worth $62,000 after purchasing an additional 488 shares during the last quarter. 81.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fastenal

In other news, EVP John Lewis Soderberg sold 32,724 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $41.23, for a total transaction of $1,349,046.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Satterlee sold 19,340 shares of the business's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $39.76, for a total value of $768,861.70. Following the sale, the director owned 50,000 shares in the company, valued at $1,987,750. The trade was a 27.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,116 shares of company stock worth $3,069,670 over the last quarter. Insiders own 0.37% of the company's stock.

Analyst Ratings Changes

FAST has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their target price on Fastenal from $38.00 to $41.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Stifel Nicolaus set a $82.00 target price on Fastenal in a research report on Thursday, July 3rd. Stephens lifted their target price on Fastenal from $40.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 15th. Wolfe Research reiterated a "positive" rating on shares of Fastenal in a research report on Monday, July 14th. Finally, Loop Capital restated a "hold" rating on shares of Fastenal in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $45.64.

Fastenal Stock Up 0.1%

FAST traded up $0.04 on Wednesday, hitting $46.64. The company had a trading volume of 1,293,807 shares, compared to its average volume of 6,655,997. The stock has a fifty day moving average price of $42.96 and a 200-day moving average price of $40.03. Fastenal Company has a 12-month low of $32.04 and a 12-month high of $48.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.12 and a current ratio of 4.22. The stock has a market capitalization of $53.52 billion, a price-to-earnings ratio of 44.84, a P/E/G ratio of 4.27 and a beta of 0.96.

Fastenal (NASDAQ:FAST - Get Free Report) last posted its 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. Fastenal had a return on equity of 32.33% and a net margin of 15.30%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. 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 will be paid on Tuesday, August 26th. Shareholders of record on Tuesday, July 29th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, July 29th. This represents a $0.88 annualized dividend and a yield of 1.89%. Fastenal's dividend payout ratio (DPR) 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.