Tema ETFs LLC Sells 48,552 Shares of Fastenal Company $FAST

Key Points

• Tema ETFs LLC cut its Fastenal stake by 68.2% in the second quarter, selling 48,552 shares and retaining 22,629 shares valued at approximately $1.09 million. Institutional investors collectively own 81.38% of the company.
• Analyst sentiment remains mixed, with five Buy, six Hold and two Sell ratings; Fastenal has a consensus rating of Hold and an average price target of $49.17.
• Fastenal reported quarterly revenue of $2.39 billion, up 14.7% year over year, while matching earnings estimates at $0.33 per share. The company also raised its quarterly dividend to $0.26 per share, implying a 2.0% yield.

Tema ETFs LLC reduced its stake in Fastenal Company (NASDAQ:FAST - Free Report) by 68.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,629 shares of the company's stock after selling 48,552 shares during the period. Tema ETFs LLC's holdings in Fastenal were worth $1,087,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new position in Fastenal in the fourth quarter valued at about $25,000. Palladiem LLC bought a new stake in shares of Fastenal in the 4th quarter valued at about $25,000. Evergreen Advisors LLC bought a new stake in shares of Fastenal in the 1st quarter valued at about $26,000. MV Capital Management Inc. acquired a new stake in shares of Fastenal in the 4th quarter valued at approximately $29,000. Finally, Field & Main Bank acquired a new stake in shares of Fastenal in the 4th quarter valued at approximately $30,000. 81.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. DA Davidson restated a "neutral" rating and set a $46.00 price objective on shares of Fastenal in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $55.00 target price on shares of Fastenal and gave the stock a "buy" rating in a report on Monday, July 13th. Robert W. Baird set a $54.00 price target on shares of Fastenal in a report on Friday, August 7th. Sanford C. Bernstein restated an "underperform" rating on shares of Fastenal in a research report on Wednesday, July 15th. Finally, Barclays dropped their price objective on Fastenal from $47.00 to $46.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Fastenal currently has an average rating of "Hold" and a consensus price target of $49.17.

Insider Buying and Selling

In other Fastenal 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 transaction 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rita J. Heise sold 34,964 shares of the firm'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 transaction, the director directly owned 20,000 shares of the company's stock, valued at $1,001,000. This represents a 63.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.28% of the stock is currently owned by company insiders.

Fastenal Stock Down 1.7%

Fastenal stock opened at $51.34 on Friday. The stock has a market capitalization of $58.91 billion, a PE ratio of 43.51, a price-to-earnings-growth ratio of 3.26 and a beta of 0.72. Fastenal Company has a twelve month low of $38.97 and a twelve month high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $47.39 and a 200-day moving average of $46.07.

Fastenal (NASDAQ:FAST - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, hitting analysts' consensus estimates of $0.33. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business posted $0.29 earnings per share. On average, equities research 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 will be paid on Tuesday, August 25th. Investors of record on Tuesday, July 28th will be issued a dividend of $0.26 per share. The ex-dividend date is Tuesday, July 28th. This is a boost from Fastenal's previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal's dividend payout ratio is 88.14%.

Fastenal Profile

Fastenal NASDAQ: FAST is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.

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